Glenveagh Properties PLC (LSE:GLV) reported a significant rise in first-half revenue and profit, as the Irish homebuilder more than doubled home completions compared with the same period last year, keeping the company on track to meet full-year guidance.
Revenue increased 124% to €341.6 million for the six months ended 30 June, up from €152.2 million a year earlier. Profit before tax surged to €32.5 million, compared with €1.0 million in H1 2024. The company completed 906 homes in the first half, a 114% increase from 424 units during the same period last year.
Glenveagh reaffirmed its full-year earnings per share guidance of 19.5 cents and expects to deliver around 2,600 total home completions in 2025, including roughly 1,500 units in the Homebuilding segment and approximately €400 million in Partnerships revenue.
“The first half of this year marks another period of successful execution against Glenveagh’s long-term strategy with a focus on scaling delivery, deepening public-private partnerships, and enhancing operational efficiency through innovation,” said CEO Stephen Garvey.
Gross margin improved to 19.5%, up 130 basis points from 18.2% in the prior-year period, reflecting benefits from investments in innovation and standardization. The Homebuilding segment saw margins rise by 170 basis points to 21.4%. The Partnerships segment contributed materially to group profit at the interim stage, generating €20.0 million in gross profit with a 16.2% margin, slightly above target.
Glenveagh also expanded its share buyback program to €105 million from €85 million previously. Since 2021, the company has returned around €400 million to shareholders through buybacks, reducing shares outstanding by approximately 39%.
Net debt stood at €229.9 million, down from €244.1 million a year earlier despite higher production levels, reflecting disciplined capital deployment and prudent cash management.
This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.
Leave a Reply