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LONDON (Alliance News) - Irish homebuilder Glenveagh Properties PLC on Monday reported a loss in its first half year after listing on the London Stock Exchange due to administrative expenses.
In the six months ended June 30, Glenveagh's recorded a maiden pretax loss of EUR8.2 million, EUR7.8 million of which was attributed to administrative expenses.
Shares in Glenveagh Properties were down 2.3% at EUR1.07 on Monday in response.
Revenue was EUR1.3 million, after the sale of six starter homes from EUR1.2 million and rental income from its sites.
Since its initial public offering in October, Glenveagh has invested EUR479 million in land assets, which is one of its key focuses.
"The group continues to be ahead of schedule in delivering its key initial public offering targets, namely acquiring land for residential building, constructing and selling houses and apartments, and scaling its business," said Glenveagh.
The company's overall total assets increased to EUR673.8 million at June 30 from EUR652.8 million on December 31.
As at June 30, the company's cash and cash equivalents stood at EUR163.2 million. Post year-end, Glenveagh raised EUR213 million from a share placing.
"As a result of our recent capital raising we now have a stronger balance sheet to complement a market leading construction offering and are focussed on those segments in Irish residential: starter homes, PRS and mixed-tenure, which we believe will result in long term sustainable returns for our shareholders," said Glenveagh Chief Executive Justin Bickle.