Dublin-listed Glenveagh Properties is “well positioned” to deliver about 2,750 units this year, the group said in a trading update on Friday.
The company, which is led by Stephen Garvey, said its closed and forward order book stands at €1.5 billion across both its homebuilding and partnerships segments, up from €1.3 billion on March 10th, “providing strong visibility for the remainder of the year and into 2027”.
The company’s homebuilding segment is principally focused on delivering “own-door single-family focused developments”, with a particular emphasis on Dublin, the Greater Dublin Area, and Cork.
The group’s partnerships segment focuses on the delivery of a mix of suburban single-family focused and urban multi-family focused developments. The firm generates the majority of its revenue from the homebuilding segment.
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It said its homebuilding segment is operating “in line with expectations”, with five additional sites launched and seven further phases selling across existing developments.
More than 1,828 homebuilding units are either sold, signed or reserved, up from 1,252 on March 10th, reflecting “continued robust underlying demand”.
Its partnerships segment was said to be “advancing as expected”, with an order book of €800 million “continuing to underpin” an average annual gross profit contribution of at least €60 million.
The housebuilder said it was “on track” to complete about €45 million of land sales in 2026, reflecting “continued portfolio optimisation in favour of larger-scale development sites, supporting improved capital efficiency and scale”.
The group said has successfully completed the refinancing of its debt facilities, increasing total committed funding to €550 million, up from €450 million previously.
The new facilities comprise a five-year €450 million revolving credit facility provided by its existing lenders AIB, Bank of Ireland, Barclays and Home Building Finance Ireland, with ING joining the syndicate.
Simultaneous to that, the group issued €100 million of seven-year private placement notes to MetLife.
Glenveagh said the share buyback programme announced on January 15th has returned about €25 million to shareholders to date.
The group announced an expansion of the programme by a further €25 million, bringing the total to €50 million.
Following completion of the current programme, the company said it will have returned about €465 million to shareholders since 2021.
Looking ahead, the group reiterated an earnings per share guidance of up to 21 cent.
On the Middle East conflict, it said efficiency gains were providing “effective protection” against build cost inflation, supporting an expected homebuilding gross margin in excess of 21 per cent.
Garvey said the group’s homebuilding order book is “well-positioned”, with multiple new site launches and “robust reservation rates across all our selling developments”.
“The partnerships business continues to grow at scale, cementing Glenveagh as the partner of choice for the State in delivering the homes Ireland needs,” he said.
“The business is on track to deliver its full year guidance, with the outlook for the years ahead remaining positive.”
