Stephen Garvey, the co-founder and chief executive of housebuilder Glenveagh Properties has been chosen as The Irish Times Businessperson of the Month for January, an award run in association with Bank of Ireland.
In a trading update published during the month, Glenveagh said its operating profit rose 86 per cent last year to €132 million, as its house sales and revenues powered ahead. Its pre-tax profit more than doubled to €113 million.
Revenue increased 43 per cent to €869 million as group home sales jumped 77 per cent to 2,415 units. The company’s gross profit margin widened to 21.2 per cent from 18.5 per cent, mainly reflecting a “strategic focus on innovation and efficient unit delivery” of houses, it said in its trading statement.
Earnings per share (EPS) more than doubled to 17 cent and the group forecast that it will rise to 19.5 cent this year, above what analysts, on average, had been expecting.
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In addition, the group said it had secured planning permission for 2,487 units ensuring that all targeted output for 2025 was fully approved. It has a forward order book for home sales worth €950 million, up 48 per cent on the year.
At the beginning of February, Glenveagh announced that it had completed the sale of 337 apartments at Cork Docklands to the Land Development Agency for €150 million.
