Last checked at 29 Jan 2020 07:00
Glenveagh Properties PLC
Investor Day 2020
Glenveagh Properties PLC ('Glenveagh'), a leading Irish homebuilder, is hosting an investor event in London today, 29 January 2020, where management will present to investors and analysts on the Group's medium-term strategy while reiterating the key pillars of Glenveagh's investment case.
The Company issued a full year trading update on 7 January 2020 outlining that in 2019, the Group's second full year of trading, it delivered another strong performance both operationally and financially with three times the number of unit completions versus 2018.
Looking ahead, Glenveagh expects the market environment to remain favourable with significant private and institutional demand for housing, particularly starter homes. The extent of the institutional demand for high quality residential product is such that the Group now expects to forward fund a series of Urban apartment developments.
Reflecting confidence in where the delivery capability has evolved since IPO, the Group's medium-term output targets are being increased for 2022, 2023 and 2024 to 2,350, 3,050 and 3,000 units respectively. The Group's Urban projects, once successfully forward funded, will result in revenue, profits and cash for the Group in advance of the full delivery of the unit output targets outlined.
The increased output targets and approach to funding our development expenditure reflects the Group's continued commitment to invest in operational scale and efficiencies which maximises the return on the capital of the Group.
Stephen Garvey, CEO Commented:
"We have now completed our net investment in land and, with the inherent opportunities in our business and underlying strengths of our organisation, I'm confident in our ability to deliver the significant ramp-up in volumes alongside maximising sustainable returns to our shareholders."
Copies of the presentations will be available on the Glenveagh website, https://glenveagh.ie/investors/investorday/, at 12:00pm today. A video recording of the presentations will be available in due course.
For further information please contact:
Investors: | UK Media: | Ireland Media: |
Glenveagh Properties PLC Michael Rice (CFO) / Conor Murtagh (Director, Strategy & IR) investors@glenveagh.ie | Powerscourt Nick Dibden / Clodagh Bergin Tel: +44 (0) 207 250 1446 glenveagh@powerscourt-group.com | Gordon MRM Ray Gordon / David Clerkin Tel: 0872417373 / 0878301779 glenveagh@gordonmrm.ie |
Note to Editors:
Glenveagh Properties PLC, listed on Euronext Dublin and the London Stock Exchange, is a leading Irish homebuilder with a focus on strategically located developments in the Greater Dublin Area, Cork, Limerick and Galway.
Glenveagh delivers across three distinct business segments - Suburban, Urban and Partnerships - as a single business, capitalising on scale advantages and investing to optimise return on capital.
www.glenveagh.ie