(Alliance News) - Glenveagh Properties PLC on Wednesday announced a higher profit in 2022 as revenue surged amid a "very positive long-term outlook for the Irish residential housing market".
The Dublin-based housebuilder said pretax profit in 2022 jumped 38% to EUR63.0 million from EUR45.7 million a year prior. Revenue grew 35% to EUR644.7 million from EUR476.8 million. The company noted that 1,354 suburban units closed in 2022, up 50% from 902 units in 2021, and 90% higher than 712 in pre-pandemic 2019.
Looking ahead, the company said: "The group continues to see a very positive long-term outlook for the Irish residential housing market and we believe we are well positioned to take advantage of that opportunity. We are now active on 21 suburban and urban construction sites, with an additional five new sites to open during this year for first deliveries in 2024."
Chief Executive Officer Stephen Garvey said: "The fact remains that we are capable of building many more new homes if the [Irish] government matches its ambitions on much-needed planning reform with the decisive and meaningful action that Ireland's accommodation crisis warrants. It deserves credit for the effectiveness of its measures supporting first-time buyers, but this crisis cannot be ended without a significant ramp-up in supply across the industry."
Glenveagh Properties shares were 1.6% higher at EUR1.00 each in London on Wednesday.
By Tom Budszus, Alliance News reporter
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Glenveagh (GLV)