Ireland's Glenveagh H1 revenue falls 30% on H2-weighted delivery
Ireland's Glenveagh H1 revenue falls 30% on H2-weighted delivery
Overview
Ireland homebuilder's H1 revenue fell 30% on H2-weighted delivery, Partnerships growth offsetting
Company upgraded 2026 home delivery and EPS guidance, now expects over 2,900 units, at least 21c EPS
Share buyback programme doubled to €100 mln, citing strong order book and H2 cash generation
Outlook
Glenveagh upgrades 2026 EPS guidance to at least 21 cent, from up to 21 cent
Company expects 2026 home deliveries of more than 2,900 units, up from 2,750
Net debt expected to fall to about €120 mln by year-end 2026
Result Drivers
H2-WEIGHTED DELIVERY - Revenue decline driven by planned phasing of home completions towards H2, with all 2026 units sold, contracted or reserved
PARTNERSHIPS GROWTH - Partnerships segment revenue rose 43% year-on-year, partially offsetting lower Homebuilding revenue
INCREASED CONSTRUCTION SPEND - Construction activity accelerated, with spend up 34% and work-in-progress up 46%, supporting higher completions in H2
Company press release: ID:nRSJ1373Ua
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
H1 Revenue |
| EUR 239.7 mln |
|
H1 Gross Margin |
| 15.5% |
|
H1 Gross Profit |
| EUR 37.2 mln |
|
H1 Operating Income |
| EUR 13.4 mln |
|
H1 Pretax Profit |
| EUR 1 mln |
|
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the homebuilding peer group is "buy"
Wall Street's median 12-month price target for Glenveagh Properties PLC is €2.45, about 1.6% below its September 9 closing price of €2.49
The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 11 three months ago
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)