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(Alliance News) - Glenveagh Properties PLC on Friday reported a swing to profit for 2019 as revenue more than tripled on a sharp increase in unit completions.
For the year, the Irish homebuilder reported a profit of EUR26.7 million, swinging from a loss of EUR4.0 million the year before, on revenue that rose significantly to EUR284.6 million from GBP84.2 million.
Total unit completions for the year was 844 units, more than tripled from 275 in 2018, and 16% above market expectations of 725 units.
In addition, the average selling price for the period was up 16% year-on-year to EUR332,000 from EUR287,000.
Looking ahead, Glenveagh said this positive momentum was maintained during the first two months of 2020, with customer demand remaining solid. The group said the market backdrop remains favourable with significant institutional and private demand for housing.
Shares in Glenveagh Properties were down 3.3% at EUR0.75 on Friday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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