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Highlights
Revenue Growth: Glenveagh's revenue increased by 43%, reaching approximately €869 million, up from €608 million in 2023. Gross profit surged by 63% to €184 million (2023: €113 million).
Strategic Focus on Partnerships: The Group’s Partnerships business showed significant growth, with €120 million in revenue (2023: €17 million), and 451 units worth €161 million added to the pipeline through two new transactions.
Efficient Land and Construction Management: Net debt was reduced to €178 million (from €244 million in H1 2024), supported by strong cash flow in the second half of the year despite substantial investment in land during Q4.
Glenveagh Properties plc (LSE:GLV) has issued a trading update for the year ended 31 December 2024, showcasing significant growth across key financial metrics. The Group is set to publish its full-year results on Thursday, 13 March 2025.
Full-Year Performance
Glenveagh has experienced a solid year of growth, with revenue increasing by 43% to around €869 million, driven by the Group’s continued focus on innovation, efficient unit delivery, and the acceleration of the Partnerships business. This growth has resulted in a 63% increase in gross profit, reaching €184 million, reflecting a 21.2% gross margin (up from 18.5% in 2023).
The Group’s Partnerships business has been a significant contributor, recording revenue of €120 million, a substantial increase from €17 million in 2023. Two new transactions have added 451 units worth €161 million to the Group’s pipeline. Glenveagh has also commenced construction on all four Partnerships sites.
Glenveagh’s pipeline remains strong, with planning permission granted for 2,487 units, ensuring that the Group’s targeted output for 2025 is fully approved. A further forward fund transaction for 139 units at the Barn Oaks development has also been signed, contributing €52 million to the Group’s ongoing development.
Financial Position
The Group’s financial position remains strong, with net debt reduced to approximately €178 million (down from €244 million in H1 2024). This reduction was supported by strong cash generation in the second half of the year, despite significant investment in land in the final quarter of 2024.
The Group’s earnings per share (EPS) is in line with its full-year guidance, expected to be around 17 cents. Additionally, the Group’s share buyback programme, initially set at €50 million, has been increased to €65 million, reflecting confidence in the company’s performance and future prospects.
Glenveagh is poised to continue its momentum into 2025, with a strong pipeline, efficient operations, and a focus on delivering high-quality, sustainable housing solutions. The full financial results will be published on 13 March 2025.
