Glenveagh Properties on track to deliver full-year targets after strong H1

Investing.com - Glenveagh Properties PLC on Thursday reported a significant increase in first-half revenue and profit as the Irish homebuilder more than doubled its home completions compared to the same period last year, keeping the company on track to meet its full-year guidance.

Revenue jumped 124% to €341.6 million in the six months ended June 30, up from €152.2 million in the same period last year. Profit before tax surged to €32.5 million from €1.0 million a year earlier.

The company delivered 906 home completions in the first half, a 114% increase from 424 units in the first half of 2024.

Glenveagh reiterated its full-year earnings per share guidance of 19.5 cents and confirmed it remains on track to deliver approximately 2,600 total home completions for 2025, including around 1,500 units in its 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, with the company citing benefits from its investments in innovation and standardization. The Homebuilding segment saw margins increase by 170 basis points to 21.4%.

The company’s Partnerships segment made its first material contribution to group profit at the interim stage, with gross profit of €20.0 million and a margin of 16.2%, slightly ahead of target.

Glenveagh also announced an expansion of its share buyback program to €105 million from €85 million previously. Since 2021, the company has returned approximately €400 million to shareholders through buybacks, reducing shares outstanding by about 39%.

Net debt stood at €229.9 million, down from €244.1 million a year earlier despite higher production levels, which the company attributed to prudent cash management and disciplined capital deployment.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.