Glenveagh Properties stays positive despite revenue and profit drop

(Alliance News) - Glenveagh Properties PLC on Wednesday reported a dip in both annual revenue and profit.

The Maynooth, Ireland-based housebuilder reported that revenue in 2023 fell 5.7% to EUR607.9 million from EUR644.7 million a year earlier.

Revenue from its Suburban arm edged up 3.6% to EUR470.8 million, while revenue from its Urban division fell 37% to EUR120.1 million.

Pretax profit fell by 13% to EUR55.1 million from EUR63.0 million.

Looking ahead, Glenveagh said it expects "strong" revenue and profit growth across each of our Suburban, Urban and Partnerships business segments in 2024. It said that this is underpinned by its "healthy" portfolio and forward order book.

"The long-term demand outlook for the Irish residential housing market remains very positive," Glenveagh said. "A resilient domestic economy is coupled with a fast-growing population and reinforced by supportive state initiatives.

"Our proven operational capability and established expertise in partnership and urban development models mean that we are ideally positioned to grow as a scale operator in the Irish market."

Shares in Glenveagh were up 3.1% at EUR1.19 each in London on Wednesday morning.

By Sophie Rose, Alliance News senior reporter

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