Glenveagh Properties: Full Year Results 2024

Glenveagh Properties plc ("Glenveagh" or the "Group") is today issuing a trading update for the year ended 31 December 2024 ahead of the publication of its full-year results on Thursday, 13 March 2025.

FY 2024 Performance

• Delivered strong financial and operational performance in 2024, generating record revenue of €869m (2023: €608m), driven by efficient Suburban unit delivery and the acceleration of the Partnerships business segment.
• Improved group gross margin to 21.2% (FY 2023: 18.5%), reflecting the benefits of our long-term commitment to innovation, standardisation, and strategic focus on large-scale sites with strong execution.
• Generated EPS of 17 cent, a 112% increase and in line with full-year guidance.
• Completed 2,415 units (2023: 1,363) and secured planning permission for 2,487 units ensuring that all targeted output for 2025 is fully approved.
• Achieved a 94% customer satisfaction rating and secured recurring business with state institutions, demonstrating the high quality of homes delivered.
• Demonstrated significant growth in the Partnerships segment, recording revenue of €120 million (2023: €17 million).
• Commenced construction at Cork Docklands following the completion of a forward-fund transaction for 337 units with the LDA in February 2025. The transaction represents the sixth active project for Glenveagh’s expanded Partnerships division, following the successful completion of three additional partnerships in 2025, including the sale of 139 apartments at Barn Oaks, Dublin announced in January.
• Strategically expanded our land portfolio, gaining control over approximately 9,000 additional units across 14 sites, which will support the delivery of over 2,600-3,600 equivalent units per annum through to 2029, with €215m of €285m spent to date1.
• Produced 2,030 timber-frame and light-gauge steel units in our off-site manufacturing business, NUA, with capacity to support more than 2,500 homes per annum. Pre-manufactured value to increase materially in future periods following the signing of an exclusive perpetual licence to produce a low-rise integrated external wall system at the Group’s existing facilities from 2027.
• Sustainability progress in emissions reduction, biodiversity, and inclusion reflects a strategy that lowers costs, meets customer demand, and secures long-term success.
• Reduced net debt to approximately €179m (H1 2024: €244m) reflective of strong cash generation in H2 notwithstanding significant investment in land in the fourth quarter.
• Achieved Return on Equity (ROE) of 14.2% in 2024, (FY:2023 7.3%), driven by robust growth, supported by operational efficiencies and a disciplined but agile approach to capital allocation.