REG - Glenveagh Properties - Interim Results 2025
25/09/2025 07:00
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RNS Number : 7144A Glenveagh Properties plc 25 September 2025
25 September 2025
Glenveagh Properties plc
Strong momentum sustained with more than 900 Group completions(1) in H1; on
track to deliver full year guidance
Glenveagh Properties plc ("Glenveagh" or the "Group") announces its Interim
Results for the six months ended 30 June 2025.
Financial Highlights
Six Months to 30 June 2025 Six Months to 30 June 2024
€m €m
Change
New home completions(1) 906 424 +114%
Revenue(2) 341.6 152.2 +124%
- Homebuilding 218.4 101.6 +115%
- Partnerships 123.2 50.6 +143%
Gross profit(2) 66.8 27.7 +141%
- Homebuilding 46.8 20.1 +132%
- Partnerships 20.0 7.6 +163%
Gross margin (%)(2) 19.5% 18.2% +130bps
- Homebuilding (%) 21.4% 19.7% +170bps
- Partnerships (%) 16.2% 15.2% +100bps
Profit before tax 32.5 1.0
Earnings Per Share (EPS) (cent) 5.2 0.1
Land(3) 536.0 411.1 +30%
Work in Progress 346.8 441.5 -21%
Operating cash flow (10.8) (194.2) +€183.4m
Net Debt 229.9 244.1 -€14.2m
(1) New home completions comprise completions within the Homebuilding segment
as well as equivalent units completed within the Partnerships segment.
Homebuilding completions are defined as units sold. Equivalent units represent
Partnership revenue recognised on a percentage-of-completion basis and are
calculated by dividing the revenue (inclusive of land sales) by the site's
average selling price (ASP).
(2) As announced in the Group's 2024 full-year results, segmental reporting
has been simplified to Homebuilding and Partnerships (formerly Suburban, Urban
and Partnerships).
(3) Excluding development rights
H1 2025 Summary Performance
· More than 900 units(1) completed in H1 2025 (H1 2024: 424),
reflecting continued momentum and strong execution of the Group's long-term
delivery strategy across both the Homebuilding and Partnerships segments - on
track to deliver approximately 2,600 Group completions(1) for the full year.
· Revenues of €341.6 million, +124% increase on the prior year (H1
2024: €152.2m) and gross profit of €66.8 million (H1 2024: €27.7
million), driven by enhanced Homebuilding delivery volumes and increased
Partnerships construction activity.
· Homebuilding completions of 566 units (H1 2024: 294); gross margin
increased by 170bps to 21.4% (H1 2024: 19.7%), driven by a favourable site
mix, scale and ongoing returns from innovation and standardisation.
· Partnerships continue to grow at scale with the completion of 339
equivalent units(1) in the period (H1 2024: 130) and construction activity
underway on six sites comprising over 3,900 units.
· Partnerships gross profit of €20.0 million represents the
segment's first material contribution at the interim stage; gross margin was
16.2% (H1 2024: 15.2%), slightly ahead of target owing to the timing of land
sales and a favourable tenure mix.
· The Group's closed and forward order book stands at approximately
€1.4 billion (H1 2024: €1.4 billion), providing strong visibility on
deliveries for the remainder of FY 2025 and into early FY 2026.
· Land sales of more than €60 million either closed or in advanced
stages of contract, reflecting the Group's decision to further optimise
capital employed in land and focus on sites of scale.
· Planning permission secured for more than 1,500 units in H1 with
all units for FY26 now with planning permissions granted. In addition, all
units for FY27 are now planned or have active planning applications,
supporting future growth and delivery.
· Material improvement in operating cash flow in H1 2025 (-€10.7
million) versus the prior period (-€194.2 million), reflecting increased
completions, greater contribution of the Partnerships segment and working
capital optimisation.
· Net debt of €229.9 million at H1 2025 was lower than H1 2024
(€244.1 million) despite higher production levels, reflecting prudent cash
management and disciplined capital deployment.
· The Group's share buyback programme was expanded to €85 million
in May 2025, of which approximately €83 million has been returned to
shareholders at 23 September. In line with our capital allocation priorities
and supported by strong operational performance, cash flow generation, and
visibility on land sales, the current buyback programme is being further
expanded to €105m. Since 2021 the Group has returned approximately €400
million to shareholders through a series of buybacks, resulting in an
approximately 39% reduction in shares outstanding.
Outlook
· Full year EPS guidance of 19.5 cent reiterated.
· Continued confidence in delivering approximately 1,500 Homebuilding
units, approximately €400 million in Partnerships revenue, and total
equivalent(1) home deliveries of approximately 2,600 units.
· Intensive focus on capital efficiency to continue with the Group on
track to complete €100m of land sales across 2025 and 2026, aligned with
optimising the Group's land portfolio.
· A maturing pipeline of Partnership opportunities is expected to
continue to support more than €400 million in revenues over the medium term.
· Revised National Planning Framework expected to have a material,
positive impact on the Group's strategic landbank, resulting in a lower
capital deployment requirement in land in future periods.
· Landbank continues to support 2,600-3,600 equivalent(1) units per
annum through to 2030, underpinning the Group's medium-term delivery
objectives.
CEO Stephen Garvey commented:
"The first half of this year marks another period of successful execution
against Glenveagh's long-term strategy with a focus on scaling delivery,
deepening public-private partnerships, and enhancing operational efficiency
through innovation. These strategic pillars continue to deliver the strong
performance we expect - with revenue, profitability and margin all in line
with guidance - while maintaining discipline in capital deployment and risk
management across the business.
Our vertically integrated model, landbank optimisation strategy and proven
ability to deliver high-quality affordable homes at scale continue to
differentiate Glenveagh in the Irish market.
This is the first interim reporting period where our Partnerships segment has
made a material contribution to Group profit, reflecting the scale and
momentum now embedded in that part of the business. We are an established
partner of choice for the State and continue to see strong demand and a
growing pipeline of opportunities.
The benefits of our early investment in innovation and standardisation are
also now visible in the enhanced margin profile. The advantages of our modern
methods of construction are being felt across the two business segments. Our
ongoing investment in next-generation building approaches enables us to
deliver greater affordability for customers and supports greater value
creation for shareholders.
We've remained disciplined in how we manage capital. Despite higher production
levels, net debt is lower year-on-year, and we've continued to create
additional value for shareholders via our buyback programme, a feature we
expect to maintain.
In July, we welcomed the publication of the National Development Plan and the
renewed focus on infrastructure and planning reform. These are critical
enablers of housing delivery. A policy environment that supports viability,
accelerates delivery and attracts private capital will be essential to meeting
Ireland's housing needs. In parallel, positive policy developments - including
updates to rent regulation and apartment standards - further strengthen the
prospects for increasing housing output in Ireland.
Against this backdrop, we are uniquely positioned, with strong visibility on
future delivery both for the balance of this year and future years, and we
remain confident in our ability to deliver sustainable value creation."
ENDS
Results presentation
A webcast presentation of the results for analysts and institutional investors
will take place at 8.30am on 25 September 2025. The presentation will be
available on the "Investor Centre" section on www.glenveagh.ie
(http://www.glenveagh.ie) from 7.00am on 25 September 2025.
The presentation can also be accessed live from the Investor Centre section on
www.glenveagh.ie (http://www.glenveagh.ie) or alternatively via conference
call.
Conference call: Click here to register for conference call
(https://event.loopup.com/SelfRegistration/registration.aspx?booking=AhYHOtFvqbvzeqGtOi2AI8EFz2dBS9skoyeerolZ1Tw=&b=528f7d33-d6cf-439e-b143-56d7da6b8e57)
Audio webcast: Click here for the webcast
(https://channel.royalcast.com/landingpage/glenveagh/20250925_1/)
For further information please contact:
Investors: Media:
Glenveagh Properties plc
Gordon MRM
Conor Murtagh (CFO)
Ray Gordon 087 241 7373
David Clerkin 087 830 1779
investors@glenveagh.ie (mailto:investors@glenveagh.ie)
glenveagh@gordonmrm.ie (mailto:glenveagh@gordonmrm.ie)
Notes to Editors Glenveagh Properties plc, listed on Euronext Dublin and the
London Stock Exchange, is a leading Irish homebuilder.
Supported by innovation and our internal manufacturing capability, Glenveagh
is committed to opening access to sustainable, high-quality homes to as many
people as possible in flourishing communities across Ireland.
We are focused on two core areas to achieve this: Homebuilding and
Partnerships. Our Homebuilding division is the leading provider of own-door
single-family homes in Ireland, primarily in Dublin and the Greater Dublin
Area. Our Partnerships division focuses on creating vibrant communities
nationwide through a mix of suburban single-family and urban multi-family
developments. Often funded or acquired by the state or state entities, these
projects enable us to deliver affordable and high-quality housing options for
everyone.
www.glenveagh.ie (http://www.glenveagh.ie/)
Forward-looking statements
This announcement does not constitute or form any part of an invitation to
underwrite, subscribe for or otherwise acquire or dispose of any shares of
Glenveagh Properties plc (the "Company" or "Glenveagh").
This announcement contains statements that are, or may be deemed to be,
forward-looking statements. Forward-looking statements include, but are not
limited to, information concerning the Company's possible or assumed future
results of operations, plans and expectations regarding demand outlook,
business strategies, financing plans, competitive position, potential growth
opportunities, potential operating performance improvements, expectations
regarding inflation, macroeconomic uncertainty, geopolitical tensions, weather
patterns, the effects of competition and the effects of future legislation or
regulations. Forward-looking statements include all statements that are not
historical facts and can be identified by the use of forward-looking
terminology such as "may", "will", "should", "expect", "anticipate",
"project", "estimate", "intend", "continue", "target", "ensure", "arrive",
"achieve", "develop" or "believe" (or the negatives thereof) or other
variations thereon or comparable terminology. Forward-looking statements are
prospective in nature and are based on current expectations of the Company
about future events, and involve risks and uncertainties because they relate
to events and depend on circumstances that will occur in the future. Although
the Company believes that current expectations and assumptions with respect to
these forward-looking statements are reasonable, it can give no assurance that
these expectations will prove to be correct. Due to various risks and
uncertainties, actual events or results or actual performance of the Company
may differ materially from those reflected or contemplated in such
forward-looking statements. You are cautioned not to place undue reliance on
any forward-looking statements.
These forward-looking statements are made as of the date of this document. The
Company expressly disclaims any obligation to update these forward-looking
statements other than as required by law.
The forward-looking statements in this announcement do not constitute reports
or statements published in compliance with any of Regulations 6 to 8 of the
Transparency (Directive 2004/109/EC) Regulations 2007 (as amended).
1. BUSINESS REVIEW
Glenveagh's strong performance in the first half of 2025 reflects the
continued disciplined execution of its long-term 'Building Better' strategy
which has enabled scale delivery, deep public-private partnerships, and
enhanced operational efficiency through innovation.
Glenveagh has built a sector-leading platform focussed on highly attractive
own-door housing, scalable partnerships with the State and an efficient
vertically integrated operating platform that is unique in the Irish
marketplace. The Group is best placed to respond to the compelling market
opportunity in Ireland, which is underpinned by structural undersupply, a
strong economy, and supportive government policy.
Our H1 results reflect a strong sustained performance trend for the Group,
aligned with our FY 2025 guidance and medium-term delivery objectives. Margin
expansion, revenue growth, and improved cash flow are the direct result of
strategic choices made over recent years.
i. Group Sales
a. Overview
The Group delivered total revenue of €341.6 million in H1 2025 (H1 2024:
€152.2 million), driven by the sale of 566 Homebuilding units (H1 2024: 294)
and 339 equivalent Partnership units(1) (H1 2024: 130).
Gross margin increased to 19.5% (H1 2024: 18.2%), supported by improved
delivery mix, the benefits of standardisation across scale sites, and early
returns from investment in off-site manufacturing.
Customer satisfaction remains above 90% and repeat institutional and state
partnerships continue to underpin demand.
The Group's performance in the first half is consistent with expectations and
reflects continued progress against FY 2025 guidance. Completions are expected
to accelerate in H2 reflecting historical seasonality, and the Group remains
on course to deliver 2,600 equivalent(1) units for the full year.
b. Homebuilding
The Homebuilding segment continues to perform strongly, driven by sustained
demand for high-quality, own-door housing. The supply of new homes is
underpinned by population growth, a resilient economy and targeted government
initiatives such as Help to Buy and the First Home Scheme.
Revenue from the Homebuilding segment was €218.4 million, an increase of
114% from H1 2024 (€101.6 million), with 566 units completed across active
sites. This sustained momentum, building on the strategic progress made in FY
2024, reflects Glenveagh's strategic focus on scale delivery, standardisation,
and vertical integration. The benefits of this approach are now embedded
across the business, driving efficiency, consistency, and margin resilience.
The segment benefited from substantial completions including at Kilmartin
Grove, which has now delivered approximately 800 units across 2024 and 2025,
and the successful completion of our development at Hereford Park, which
commenced in 2024 delivering over 200 units.
New site openings in Portlaoise, Mullingar, and Oldtown are also moving
forward, supporting future delivery and reinforcing the Group's scalable
growth strategy.
Average selling price (ASP) in H1 2025 was €377k (H1 2024: €329k) or
€366k excluding the Group's sale and exit from the final two non-core
properties at Shrewsbury Road. The ASP uplift reflects site mix and is
expected to reduce to approximately €345k for the full year (FY 2024
€365k).
Gross margin in the segment expanded to 21.4% (H1 2024: 19.7%), driven by a
favourable site mix during the period and further enhanced by our
differentiated model that combines standardisation, scalable sites, and
vertical integration.
Underlying gross margin in the Homebuilding segment excluding non-core sales
at Shrewsbury Road and land sales was 22.8%, again reflecting favourable site
mix.
Aligned with the embedded margins on recent site acquisitions, spot
Homebuilding margins in the Group's medium-term delivery pipeline are
estimated to be approximately 21% with site mix continuing to be a principal
driver as the business monetises its vintage landbank and scales to 2,000
units.
The Group remains confident in delivering approximately 1,500 Homebuilding
units in FY 2025 and is on track to increase annual output to approximately
1,900 units by 2027, supported by a well-positioned landbank, strong progress
on planning permissions and a strong forward order book.
c. Partnerships
The Partnerships segment continues to grow in scale and significance,
delivering revenue of €123.2 million in H1 2025 (H1 2024: €50.6 million)
and gross profit of €20.0 million (H1 2024: €7.6 million), marking a
significantly increased contribution at the interim stage.
The performance reflects Glenveagh's strategic focus on expanding its
Partnerships platform in a disciplined and sustainable manner, leveraging its
planning, design, and manufacturing capabilities to deliver high-quality
housing at pace in collaboration with the State.
All six active sites are progressing well, with continued contributions from
Ballymastone, Oscar Traynor Road, and Foxwood Barn. New contributions from
Mooretown, New Road and the LDA-backed Cork Docklands development have
commenced, while former Urban development sales at Academy Street and Semple
Woods are expected to materially support H2 revenues. The Group's active
engagement and delivery track record continue to reinforce its position as a
partner of choice for public sector housing projects.
Gross margin in H1 was 16.2% (H1 2024: 15.2%), slightly ahead of target owing
to site and tenure mix.
The Partnerships segment remains on track to deliver approximately €400
million in revenue in FY 2025. Furthermore, the maturing pipeline of
opportunities is expected to continue supporting more than €400 million in
revenues over the medium term.
ii. Forward order book
The Group's closed and forward order book stands at approximately €1.4
billion (H1 2024: €1.4 billion), providing strong visibility on deliveries
for the remainder of FY 2025 and into early FY 2026.
The Homebuilding order book remains robust, supported by strong reservation
rates across all active selling sites and continued demand for high-quality,
energy-efficient homes.
Partnerships activity remains very strong, with forward purchase and forward
fund agreements in place with public sector partners, including the LDA and
Approved Housing Bodies.
iii. Planning progress and policy
Planning momentum remains robust, with permissions secured for more than 1,500
units in H1 with all units for FY26 now with planning permissions granted. In
addition, all units for FY27 are now planned or have active planning
applications, supporting future growth and delivery.
The Group continues to benefit from an increasingly efficient planning
environment, supported by the implementation of the Planning and Development
Act 2024 which has improved certainty across the development lifecycle and is
beginning to unlock delivery on previously constrained sites.
Glenveagh's strong track record of high-quality submissions and proactive
engagement with planning authorities positions the Group well to navigate the
evolving policy landscape. The Group remains on track to lodge further
applications in H2 2025 to support delivery into FY 2027 and beyond.
The National Development Plan ("NDP") and recent regulatory changes, including
reforms to apartment design standards, are positive steps toward unlocking
viable sites and accelerating delivery. Continued investment in infrastructure
and planning reform will be key to meeting Ireland's housing targets with
planning reform critical to accelerating the impact of dedicated funding
provided for as part of the NDP.
iv. Development land portfolio management
The Group's land portfolio continues to provide a solid foundation for future
delivery, supporting 2,600-3,600 equivalent(1) unit completions per annum
through to 2030 and underpins our medium-term objectives.
The portfolio is well-balanced geographically with approximately 74% of units
located in the Greater Dublin Area, consistent with the Group's strategic
focus on scale, strong embedded margins and attractive return profiles. Land
investment, excluding development rights, was €536.0 million at 30 June 2025
(31 December 2024: €556.2 million).
As previously disclosed, the Group opportunistically contracted land in 2024
capable of delivering approximately 9,000 units. The Group continues to
actively manage its portfolio, (with land sales of more than €60 million
either closed or in advanced stages of contract), and to evaluate the optimum
management of remaining smaller scale sites that no longer align with the
Group's scale strategy. Monetisation of vintage Homebuilding and Partnerships
sites through home delivery will further optimise our land portfolio and
capital position and prioritise return on capital.
These actions form part of a broader strategy to optimise capital allocation
and enhance shareholder returns.
The recent publication of the National Planning Framework represents a pivotal
and constructive step toward addressing Ireland's long-term housing needs. By
unlocking additional zoned land in a structured manner between 2026 and 2029,
it is expected to have a materially positive impact on the Group's
well-positioned strategic landbank, resulting in a lower capital deployment
requirement in land across the medium term.
This long-term visibility complements the Group's existing landbank and
reinforces its ability to plan with confidence and discipline.
Glenveagh's land strategy continues to prove effective, providing flexibility,
visibility, and the ability to support both Homebuilding and Partnerships
delivery without the need for further material land investment in the near
term.
v. Input cost inflation
Input cost inflation remains manageable with the Group continuing to mitigate
inflationary pressures through scale, disciplined procurement, and strategic
investment in off-site manufacturing.
While material and energy cost inflation have moderated relative to prior
years, labour inflation remains persistent with recent sectoral employment
order increases of approximately 3%.
Glenveagh's vertical integration strategy and investment in innovation -
including modern methods of construction and its in-house manufacturing
platform - provide greater control over input costs and delivery capacity. The
Group's in-house manufacturing platform supports cost visibility and reduces
reliance on subcontracted wet trades, particularly as new capabilities are
brought on line over the medium term. These capabilities are increasingly
important as the Group scales output and deepens its operational efficiency.
Recent regulatory reforms, including the 'Design Standards for Apartments,
Guidelines for Planning Authorities (2025)', are expected to improve the
viability of apartment development. These changes support the Group's ability
to deliver a broader mix of housing types, particularly in urban locations,
without compromising on quality or sustainability.
vi. Supply chain update
The Group's investment in off-site manufacturing continues to support
efficient delivery, build quality and margin performance. Glenveagh's
manufacturing and innovation platform, NUA, produced timber-frame and light
gauge steel systems for more than 2,000 units in the past year and is scaling
toward a capacity of more than 2,500 homes annually.
Off-site manufacturing remains a core pillar of the Group's strategy to reduce
reliance on subcontracted wet trades, mitigate inflationary pressures, and
future-proof the business. These capabilities are expected to become
increasingly important as Glenveagh scales delivery and deepens its vertical
integration.
During the period, we commenced Phase II of our innovation investment
programme, as part of a €25 million anticipated spend to deliver an
additional façade line alongside our timber frame capability, further
supporting our efforts to bring down costs for customers.
The Group is also progressing with its "House of the Future" build in Carlow
whereby it can demonstrate increased premanufactured value and quality in the
delivery of new homes.
vii. Sustainability agenda progress
Sustainability remains a core enabler of Glenveagh's long-term performance and
resilience. The Group continues to make progress against its Net Zero
Transition Plan, Biodiversity Strategy, and Circular Economy Strategy, with
actions focused on reducing emissions, improving resource efficiency, and
enhancing operational performance.
These actions are delivering tangible business benefits, from improved cost
control and build efficiency to enhanced risk management and brand
differentiation. Glenveagh's integrated approach to sustainability supports
margin performance, strengthens its position as a partner of choice for
institutional and public sector clients, and helps attract and retain talent
in a competitive labour market.
2. FINANCIAL REVIEW
i. Group performance
Glenveagh's robust financial performance in the first half of 2025 underscores
the effective implementation of its long-term 'Building Better' strategy,
which has driven significant growth, strengthened public-private partnerships,
and enhanced balance sheet efficiency.
Our H1 financial results support our FY 2025 financial guidance and
medium-term financial objectives.
Total Group revenue was €341.6 million (H1 2024: €152.2 million). The
Group's gross profit for the period was €66.8 million (H1 2024: €27.7
million), with an overall expansion in gross margin to 19.5% (H1 2024: 18.2%).
In the Homebuilding segment, revenue of €218.4 million represents a 114%
increase compared to H1 2024 (€101.6 million). The Group delivered 566 units
(H1 2024: 294) at an average selling price of approximately €377k, or
€366k excluding non-core sales at Shrewsbury Road (H1 2024: €329k). The
ASP uplift reflects site mix and is expected to reduce to approximately
€345k for the full year (FY 2024 €365k.)
Group gross margin increased by 130 basis points to 19.5%, primarily driven by
delivery mix, standardisation, scale benefits, early returns from off-site
manufacturing and an exceptional site mix.
Revenue from the Partnerships segment was €123.2 million (H1 2024: €50.6
million), reflecting significant progress across six active sites. The
segment's gross margin was 16.2% (H1 2024: 15.2%) and benefitted from
favourable site mix, tenure mix and a lower contribution from formerly Urban
developments. The Group's integrated capabilities in planning, design, and
manufacturing continue to enhance delivery speed and quality in this segment.
Group operating profit was €42.1 million (H1 2024: €8.6 million), driven
by strong revenue growth across both Homebuilding and Partnerships, improved
gross margin performance supported by standardisation, vertical integration,
and disciplined cost control alongside site mix.
Administrative costs were €23.0 million (H1 2024: €17.7 million), with
depreciation and amortisation of €1.7 million (H1 2024: €1.4 million),
resulting in total administrative expenses of €24.7 million (H1 2024:
€19.1 million).
Net finance costs increased to €9.6 million (H1 2024: €7.6 million),
reflecting a higher average debt level during the period owing to a higher
starting point at 1 January 2025.
The Group delivered earnings per share of 5.2 cent (H1 2024: 0.12 cent),
consistent with expectations and supported by strong operational execution.
ii. Balance sheet and cash flow
Property, Plant & Equipment was €62.5. million at 30 June 2025 (FY 2024:
€62.4 million). The Group's land investment, excluding development rights,
was €536.0 million (31 December 2024: €556.2 million) and development
rights increased to €28.6 million (FY 2024: €24.4 million). Continued
reductions in the landbank are anticipated through unit delivery and will be
complemented by land sales exceeding €100 million over 2025 and 2026, of
which more than €60 million are either closed or in advanced stages of
contract. Focused delivery of vintage Homebuilding and Partnerships sites will
further optimise our land portfolio while prioritising return on capital.
Work-in-progress increased to €346.8 million (31 December 2024: €283.7
million), reflecting investment to support the Group's growth strategy,
including delivery under the Croí Cónaithe scheme and the planned increase
in Homebuilding output from 2025 to 2027.
Operating cash flow improved materially in H1 2025 (-€10.7 million) versus
H1 2024 (-€194.2 million), reflecting higher revenues and continued
improvement in working capital, in line with capital allocation priorities.
The Group continues to return surplus capital to shareholders through its
buyback programme, consistent with its capital allocation framework.
Net debt was €229.9 million at 30 June 2025, marking a reduction from H1
2024 (€244.1 million) despite a higher starting point, continued investment,
and the purchase of shares pursuant to the ongoing buyback programme, and
reflecting ongoing prudent cash management and disciplined capital allocation.
In line with our capital allocation priorities, and supported by strong
operational performance, cash flow generation and visibility on land sales,
the current buyback program is being expanded to €105 million. The Group
intends to amend the terms of the arrangement with Jefferies International
Limited so that the maximum aggregate consideration under their mandate is
€40 million. The next tranche of the buyback may continue until 30 March
2026, subject to market conditions.
The Group's focus on profitable growth, reliable cash generation and
innovation continue to underpin its balance sheet strength and support its
track record of effective capital allocation, long-term value creation, and
shareholder returns.
Ends
Glenveagh Properties PLC
Condensed consolidated interim
financial statements
For the six months
ended 30 June 2025
Contents
Page
Directors and other
information
3
Statement of directors' responsibilities in respect of the condensed
consolidated
interim financial
statements
4
Independent auditor's review report on the condensed consolidated interim
financial statements to the members of Glenveagh Properties
PLC
5
Condensed consolidated statement of profit or loss and other comprehensive
income 7
Condensed consolidated balance
sheet
8
Condensed consolidated statement of changes in
equity
9
Condensed consolidated statement of cash
flows
11
Notes to condensed consolidated interim financial
statements
12
Directors and other information
Directors John Mulcahy
(Non-Executive Chairman)
Stephen Garvey (CEO)
Conor Murtagh (CFO) - appointed on 16 January 2025
Camilla Hughes (Independent Non-Executive Director)
Pat
McCann (Independent Non-Executive Director)
Cara Ryan (Independent Non-Executive Director)
Emer Finnan (Independent Non-Executive Director)
Max Steinebach (Non-Executive Director)
Lorna Conn (Independent Non-Executive Director)
Secretary Chloe McCarthy
Registered office Block C
Maynooth Business Campus
Straffan Road
Maynooth
Co. Kildare
Auditor KPMG
Chartered Accountants
1 Stokes Place
St. Stephen's Green
Dublin 2
D02 DE03
Registered number
609461
Statement of Directors' responsibilities in respect of the condensed
consolidated interim financial statements for the half year ended 30 June 2025
The Directors are responsible for preparing the half-yearly financial report
in accordance with the Transparency (Directive 2004/109/EC) Regulations 2007
("Transparency Directive"), and the Transparency Rules of the Central Bank of
Ireland.
In preparing the condensed set of consolidated financial statements included
within the half-yearly financial report, the directors are required to:
- prepare and present the condensed set of consolidated financial
statements in accordance with IAS 34 Interim Financial Reporting as adopted by
the EU, and the Transparency Directive and the Transparency Rules of the
Central Bank of Ireland;
- ensure the condensed set of consolidated financial statements has
adequate disclosures;
- select and apply appropriate accounting policies; and
- make accounting estimates that are reasonable in the circumstances.
- assess the Entity's ability to continue as a going concern, disclosing,
as applicable, matters related to going concern and using the going concern
basis of accounting unless the directors either intend to liquidate the Entity
or to cease operations, or have no realistic alternative but to do so.
The directors are responsible for designing, implementing and maintaining such
internal controls as they determine is necessary to enable the preparation of
the condensed set of consolidated financial statements that is free from
material misstatement whether due to fraud or error.
We confirm that to the best of our knowledge:
(1) the condensed set of consolidated financial statements included within
the half-yearly financial report of Glenveagh Properties plc for the six
months ended 30 June 2025 ("the interim financial information") which
comprises condensed consolidated statement of profit or loss and other
comprehensive income, the condensed consolidated balance sheet, the condensed
consolidated statement of changes in equity, the condensed consolidated
statement of cash flows and the related explanatory notes, have been presented
and prepared in accordance with IAS 34 Interim Financial Reporting as adopted
by the EU, the Transparency Directive and Transparency Rules of the Central
Bank of Ireland.
(2) The interim financial information presented, as required by the
Transparency Directive, includes:
a. an indication of important events that have occurred during the first 6
months of the financial year, and their impact on the condensed set of
consolidated financial statements;
b. a description of the principal risks and uncertainties for the
remaining 6 months of the financial year
c. related parties' transactions that have taken place in the first 6
months of the current financial year and that have materially affected the
financial position or the performance of the enterprise during that period;
and
d. any changes in the related parties' transactions described in the last
annual report that could have a material effect on the financial position or
performance of the enterprise in the first 6 months of the current financial
year.
The directors are responsible for the maintenance and integrity of the
corporate and financial information included on the Entity's website.
Legislation in the Republic of Ireland governing the preparation and
dissemination of financial statements may differ from legislation in other
jurisdictions.
On behalf of the Board
Stephen
Garvey
Conor Murtagh 24 September 2025
Director
Director
Independent Review Report to Glenveagh Properties plc ("the Entity")
Conclusion
We have been engaged by the Entity to review the Entity's condensed set of
consolidated financial statements in the half-yearly financial report for the
six months ended 30 June 2025 which comprises Condensed Consolidated Interim
Statement of Financial Position, Condensed Consolidated Interim Statement of
Profit or Loss and Other Comprehensive Income, Condensed Consolidated Interim
Statement of Changes in Equity, Condensed Consolidated Interim Statement of
Cash Flows, a summary of significant accounting policies and other
explanatory notes.
Based on our review, nothing has come to our attention that causes us to
believe that the condensed set of consolidated financial statements in the
half-yearly financial report for the six months ended 30 June 2025 is not
prepared, in all material respects in accordance with International Accounting
Standard 34 Interim Financial Reporting ("IAS 34") as adopted by the EU and
the Transparency (Directive 2004/109/EC) Regulations 2007 ("Transparency
Directive"), and the Central Bank (Investment Market Conduct) Rules 2019
("Transparency Rules of the Central Bank of Ireland).
Basis for conclusion
We conducted our review in accordance with International Standard on Review
Engagements (Ireland) 2410 Review of Interim Financial Information Performed
by the Independent Auditor of the Entity ("ISRE (Ireland) 2410") issued for
use in Ireland. A review of interim financial information consists of making
enquiries, primarily of persons responsible for financial and accounting
matters, and applying analytical and other review procedures.
A review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing (Ireland) and consequently does not
enable us to obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do not express
an audit opinion.
Conclusions relating to going concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis for conclusion section of this report,
nothing has come to our attention that causes us to believe that the directors
have inappropriately adopted the going concern basis of accounting, or that
the directors have identified material uncertainties relating to going concern
that have not been appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with
ISRE (Ireland) 2410. However, future events or conditions may cause the Entity
to cease to continue as a going concern, and the above conclusions are not a
guarantee that the Entity will continue in operation.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been
approved by, the directors. The directors are responsible for preparing the
half-yearly financial report in accordance with the Transparency Directive and
the Transparency Rules of the Central Bank of Ireland.
The directors are responsible for preparing the condensed set of consolidated
financial statements included in the half-yearly financial report in
accordance with IAS 34 as adopted by the EU.
As disclosed in note 2, the annual financial statements of the Entity for the
year ended 31 December 2024 are prepared in accordance with International
Financial Reporting Standards as adopted by the EU.
In preparing the condensed set of consolidated financial statements, the
directors are responsible for assessing the Entity's ability to continue as a
going concern, disclosing, as applicable, matters related to going concern and
using the going concern basis of accounting unless the directors either intend
to liquidate the Entity or to cease operations, or have no realistic
alternative but to do so.
Independent Review Report to Glenveagh Properties plc ("the Entity")
(continued)
Our responsibility
Our responsibility is to express to the Entity a conclusion on the condensed
set of consolidated financial statements in the half-yearly financial report
based on our review.
Our conclusion, including our conclusions relating to going concern, are based
on procedures that are less extensive than audit procedures, as described in
the Basis for conclusion section of this report.
The purpose of our review work and to whom we owe our responsibilities
This report is made solely to the Entity in accordance with the terms of our
engagement to assist the Entity in meeting the requirements of the
Transparency Directive and the Transparency Rules of the Central Bank of
Ireland. Our review has been undertaken so that we might state to the Entity
those matters we are required to state to it in this report and for no other
purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Entity for our review work, for this
report, or for the conclusions we have reached.
KPMG
24 September 2025
Chartered Accountants
1 Stokes Place
St. Stephen's Green
Dublin, Ireland
Unaudited Unaudited
Note 30 June 30 June
2025 2024
€'000 €'000
Revenue 8 341,592 152,186
Cost of sales (274,819) (124,480)
Gross profit 66,773 27,706
Administrative expenses (24,689) (19,063)
Operating profit 42,084 8,643
Finance expense (9,612) (7,654)
Profit before tax 32,472 989
Income tax 10 (4,116) (319)
Profit after tax 28,356 670
Items that are or may be reclassified subsequently to profit or loss:
Fair value movement on cashflow hedges 33 1,671
Cashflow hedges reclassified to profit or loss 174 (437)
Cashflow hedges - deferred tax (52) -
Total other comprehensive income 155 1,234
Total comprehensive profit for the period
attributable of the owners of the Company 28,511 1,904
Basic earnings per share (cents) 5.2 0.12
Diluted earnings per share (cents) 5.2 0.12
Unaudited Unaudited
30 June 31 December
Note 2025 2024
Assets €'000 €'000
Non-current assets
Goodwill 5,697 5,697
Property, plant and equipment 12 62,501 62,404
Intangible assets 7,930 7,277
Deferred tax asset 10 1,369 1,339
77,497 76,717
Current assets
Inventory 11 911,474 864,353
Trade and other receivables 172,326 173,221
Income tax receivable 4,182 -
Restricted cash 458 458
Cash and cash equivalents 92,766 63,165
1,181,206 1,101,197
Total assets 1,258,703 1,177,914
Equity
Share capital 13 541 642
Share premium 13 179,856 179,788
Undenominated capital 521 418
Retained earnings 510,385 517,425
Cashflow hedge reserve (1,027) (1,182)
Share-based payment reserve 58,079 54,079
Total equity 748,355 751,170
Liabilities
Non-current liabilities
Loans and borrowings 14 315,635 235,039
Lease liabilities 3,096 3,136
Derivative contracts 1,370 1,576
320,101 239,751
Current liabilities
Trade and other payables 185,873 181,235
Income tax payable - 1,350
Loans and borrowings 14 2,732 3,129
Lease liabilities 1,642 1,279
190,247 186,993
Total liabilities 510,348 426,744
Total liabilities and equity 1,258,703 1,177,914
Condensed consolidated statement of changes in equity
for the six months ended 30 June 2025
Share Capital
Share-based
Ordinary Deferred Undenominated Share payment Cashflow Retained Total
shares Shares capital premium reserve hedge reserve earnings equity
Unaudited €'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000
Balance as at 1 January 2025 561 81 418 179,788 54,079 (1,182) 517,425 751,170
Total comprehensive profit for the year
Income for the year - - - - - - 28,356 28,356
Fair value movement on cashflow hedges - - - - - 33 - 33
Cashflow hedges reclassified to profit and loss - - - - - 174 - 174
Cash flow hedges- Deferred tax - - - - - (52) - (52)
- - - - - 155 28,356 28,511
Transactions with owners of the Company
Equity-settled share-based payments - - - - 4,000 - - 4,000
Exercise of options 2 - - 68 - - - 70
Lapsed share options - - - - - - - -
Cancellation of deferred shares (Note 13) - (81) 81 - - - - -
Purchase of own shares (Note 13) (22) - 22 - - - (35,396) (35,396)
(20) - 103 68 4,000 - (35,396) (31,326)
Balance as at 30 June 2025 541 - 521 179,856 58,079 (1,027) 510,385 748,355
Condensed consolidated statement of changes in equity
for the six months ended 30 June 2024
Share Capital
Share-based
Ordinary Deferred Undenominated Share payment Cashflow Retained Total
shares Shares capital premium reserve hedge reserve earnings equity
Unaudited €'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000
Balance as at 1 January 2024 578 81 399 179,719 48,899 (1,623) 450,103 678,156
Total comprehensive profit for the period
Profit for the period - - - - - - 670 670
Fair value movement on cashflow hedges
- - - - - 1,671 - 1,671
Cashflow hedges reclassified to profit and loss
- - - - - (437) - (437)
- - - - - 1,234 670 1,904
Transactions with owners of the Company
Equity-settled share-based payments - - - - 1,523 - - 1,523
Exercise of options 2 - - 38 - - - 40
Lapsed share options - - - - - - - -
Purchase of own shares (Note 13) - - - - - - - -
2 - - 38 1,523 - - 1,563
Balance as at 30 June 2024 580 81 399 179,757 50,422 (389) 450,773 681,623
Unaudited Unaudited
30 June 30 June
2025 2024
Note €'000 €'000
Cash flows from operating activities
Profit for the period 28,356 670
Adjustments for:
Depreciation and amortisation 1,693 1,356
Finance costs 9,612 7,654
Profit on sale of property, plant and equipment (14) (27)
Equity-settled share-based payment expense 9 3,200 1,523
Tax expense 10 4,116 319
46,963 11,495
Changes in:
Inventories (44,972) (170,704)
Trade and other receivables 895 (19,980)
Trade and other payables 4,776 (6,135)
Cash used in operating activities 7,662 (185,324)
Interest paid (9,930) (8,066)
Tax paid (8,388) (846)
Net cash used in operating activities (10,656) (194,236)
Cash flows from investing activities
Acquisition of property, plant and equipment 12 (2,539) (1,646)
Acquisition of intangible assets (1,128) (405)
Proceeds from the sale of property, plant and equipment 14 225
Net cash used in investing activities (3,653) (1,826)
Cash flows from financing activities
Proceeds from borrowings 140,000 190,000
Repayment of loans and borrowings (60,000) (25,000)
Purchase of own shares (35,300) -
Proceeds from exercise of share options 71 40
(Payments)/proceeds from derivative settlements (131) 523 (131) 523
Payment of lease liabilities (730) (674)
Net cash from financing activities 43,910 164,889
Net increase / (decrease) in cash and cash equivalents
In the period 29,601 (31,173)
Cash and cash equivalents at the beginning of the period 63,165 71,863
Cash and cash equivalents at the end of the period 92,766 40,690
(131)
523
Payment of lease liabilities
(730)
(674)
Net cash from financing activities
43,910
164,889
Net increase / (decrease) in cash and cash equivalents
In the period
29,601
(31,173)
Cash and cash equivalents at the beginning of the period
63,165
71,863
Cash and cash equivalents at the end of the period
92,766
40,690
1 Reporting entity
Glenveagh Properties PLC ("the Company") is domiciled in the Republic of
Ireland. The Company's registered office is Block C, Maynooth Business Campus,
Straffan Road, Maynooth, Co. Kildare. These condensed consolidated interim
financial statements comprise the Company and its subsidiaries (together
referred to as "the Group") and cover the six month period ended 30 June 2025
("the period"). The Group's principal activities are the construction and sale
of residential houses and apartments for the private buyer, local authorities
and the private rental sector. The condensed consolidated interim financial
statements for the six months ended 30 June 2025 are unaudited and do not
constitute statutory financial statements as defined in the Companies Act
2014. A copy of the financial statements for the financial year ended 31
December 2024 are available on the Company's website (https://glenveagh.ie/
(https://glenveagh.ie/) ) and are filed with the Companies Registration
Office. The auditor's report accompanying those financial statements was
unqualified.
2 Statement of compliance
The condensed consolidated interim financial statements have been prepared in
accordance with IAS 34 Interim Financial Reporting as adopted by the EU and
should be read in conjunction with the Group's last annual consolidated
financial statements as at and for the financial year ended 31 December 2024
("last annual financial statements") which have been prepared in accordance
with IFRS as adopted by the EU. The interim financial statements do not
include all of the information required for a complete set of IFRS financial
statements. However, selected explanatory notes are included to explain events
and transactions that are significant to an understanding of the changes in
the Group's financial position and performance since the last annual financial
statements. The accounting policies adopted are consistent with those of the
previous accounting period.
3 Functional and presentation currency
These consolidated financial statements are presented in Euro which is the
Company's functional currency. All amounts have been rounded to the nearest
thousand unless otherwise indicated.
4 Use of judgements and estimates
In preparing these interim financial statements, management has made
judgements and estimates that effect the application of accounting policies
and the reported amounts of assets and liabilities, income and expense. No
individual judgment or estimate is deemed to have a significant impact upon
the financial statements apart from those supporting the assessment of the
carrying value of the Group's inventories as described below.
Critical accounting judgements
Management applies the Group's accounting policies when making critical
accounting judgements, Material accounting judgements impacting these
financial statements is detailed below:
(a) Classification between IAS 2 Inventories and IAS 40 Investment Property
The Group has practically completed an office development in Dublin, costs
associated with developing the asset are held as inventory which is in line
with the Group's business model of developing and selling units rather than
developing and holding units for capital appreciation or rental income. The
office is currently held for sale and the intention of the Group is to sell
the office. Currently a small portion of the office space is being leased out
with the intention to support the sales process which is in the normal
operating cycle. Revenue generated from the leases are not material to the
Group.
Under IAS 40, the office would be classified as an investment property carried
at fair value with any subsequent revaluation being recognised through the
statement of profit and loss and other comprehensive income.
4 Use of judgements and estimates (continued)
(a) Classification between IAS 2 Inventories and IAS 40 Investment Property
(continued)
Management has reviewed and considered the relevant scenarios under IAS 2 and
IAS 40 and concluded that the development is appropriately classified as
inventory under IAS 2.
No other individual judgement is deemed to have a significant impact upon the
financial statements.
Key sources of estimation uncertainty
The key source of significant estimation uncertainty impacting these financial
statements involves assessing the carrying value of inventories as detailed
below.
(a) Carrying value of work-in-progress, estimation of costs to complete and
impact on profit recognition
The Group holds inventories stated at the lower of cost and net realisable
value. Such inventories include land and development rights, work-in-progress
and completed units. As residential development is largely speculative by
nature, not all inventories are covered by forward sales contracts.
Furthermore, due to the nature of the Group's activity and, in particular the
scale of its developments and the length of the development cycle, the Group
has to allocate site-wide development costs between units being built and/or
completed in the current year and those for future years. It also has to
forecast the costs to complete on such developments. These estimates impact
management's assessment of the net realisable value of the Group's inventory
balance and also determine the extent of profit or loss that should be
recognised in respect of each development in each reporting period.
In making such assessments and allocations, there is a degree of inherent
estimation uncertainty. The Group has established internal controls designed
to effectively assess and centrally review inventory carrying values and
ensure the appropriateness of the estimates made. These assessments and
allocations evolve over the life of the development in line with the risk
profile, and accordingly the margin recognised reflects these evolving
assessments, particularly in relation to the Group's long-term developments.
The impact of sustainability and other macroeconomic factors have been
considered in the Group's assessment of the carrying value of its inventories
at 30 June 2025, particularly with regard to the potential implications for
future selling prices, development expenditure and construction programming.
Management has considered a number of scenarios on each of its active
developments and the consequential impact on future profitability based on
current facts and circumstances together with any implications for future
projects in undertaking its net realisable value calculations.
5 New significant accounting policies
Standards issued but not yet effective
The Group has not adopted the following new and amended standards early, and
instead intends to apply them from their effective date as determined by the
dare of the EU endorsement. The potential impact of these amendments to
standards on the Group is under review:
- IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of
Exchangeability (amendment)
- IFRS 7 Financial Instruments: Disclosures and IFRS 9 Financial
Instruments: Contracts Referencing Nature-dependent Electricity (amendment)
- IFRS 7 Financial Instruments: Disclosures and IFRS 9 Financial
Instruments: Amendments to the Classification and Measurement of Financial
Instruments (amendment)
- Annual improvements to IFRS standards
- IFRS 18 Presentation and Disclosure in Financial Statements: (new
standard - effective 1 January 2027)
- IFRS 19 Subsidiaries without Public Accountability (new standard -
effective 1 January 2027)
5 New significant accounting policies (continued)
Standards issued but not yet effective (continued)
There have been no changes to significant accounting policies during the
period to 30 June 2025.
6 Going concern
The Group has recorded a profit before tax of €32.5million (2024: €1.0
million). The Group has an unrestricted cash balance of €67.8 million (31
December 2024: €38.1 million) exclusive of the minimum cash balance of
€25.0 million which the Group is required to maintain under the terms of its
debt facilities. The Group has committed undrawn funds available of €130.0
million (31 December 2024: €210.0 million).
Management has prepared a detailed cash flow forecast in order to assess the
Group's ability to continue as a going concern for at least a period of twelve
months from the signing of these interim financial statements. The preparation
of this forecast considered the principal risks facing the Group, including
those risks that could threaten the Group's business model, future
performance, solvency or liquidity over the forecast period.
The Group is forecasting compliance with all covenant requirements under the
current facilities including the interest cover covenant which is based on
earnings before interest, tax, depreciation and amortisation (EBITDA)
excluding any non-cash impairment charges or reversals. Total debt must not
exceed adjusted EBITDA by a maximum of 4 times, this is calculated on both a
forward and trailing
twelve-month basis. Other assumptions within the forecast include the Group's
expected selling prices and sales strategies as well as its investment in work
in progress which reflect updated development programmes.
Based on the forecasts modelled, the Directors have assessed the Group's going
concern status for the foreseeable future. Having considered the Group's cash
flow forecasts, the Directors are satisfied that the Group has the appropriate
working capital management strategy, operational flexibility, and resources in
place to continue in operational existence for the foreseeable future.
Accordingly, these condensed consolidated interim financial statements have
been prepared on a going concern basis.
7 Segmental information
The Group has considered the requirements of IFRS 8 Operating Segments in the
context of how the business is managed and resources are allocated.
In 2024 the Group was organised into three key reportable operating segments
being Suburban, Urban and Partnerships.
As noted in the Groups 2024 annual report, the Group's operating segments have
changed in line with our refined strategy and are set out below. As a result
of the change in the Group's reportable segments, the Group has restated the
previously reported segment information for the six months ended 30 June 2025
and as at 31 December 2024.
The Group is organised into two key reportable segments, being Homebuilding
and Partnerships. Internal reporting to the Chief Operating Decision Maker
("CODM") is provided on this basis. The CODM has been identified as the
Executive Committee.
The Group currently operates solely in the Republic of Ireland and therefore
no geographically segmented financial information is provided.
Homebuilding
The Homebuilding segment is primarily focused on delivering high-quality
own-door single-family focused developments, with a particular emphasis on
Dublin, the Greater Dublin Area and Cork. This segment is driven by strong
demand from both private purchasers, state agencies, and institutional
investors. It also allows for the selective realisation of residential land
opportunities that align with long-term strategic objectives.
Partnerships
The Partnerships segment focuses on the delivery of sustainable communities
across Ireland through a mix of suburban single-family focused and urban
multi-family focused developments. These projects are typically supported by
the state agencies and entities with similar funding characteristics. The
segment maintains the flexibility to invest in, develop, or dispose of land
assets where such actions support broader placemaking, delivery, or strategic
aims.
7 Segmental information (continued)
Segmental financial results
As restated
30 June 30 June
2025 2024
€'000 €'000
Revenue
Homebuilding 218,401 101,598
Partnerships 123,191 50,588
Revenue for reportable segments 341,592 152,186
As restated
30 June 30 June
2025 2024
€'000 €'000
Operating profit / (loss)
Homebuilding 41,763 12,773
Partnerships 16,109 5,870
Operating profit for reportable segments 57,872 18,643
Reconciliation to results for the period
Segment results - operating profit 57,872 18,643
Finance expense (9,612) (7,654)
Directors' remuneration (1,315) (908)
Corporate function payroll costs (4,546) (2,690)
Depreciation and amortisation (1,712) (1,378)
IT costs (1,912) (1,240)
Professional fees (2,075) (1,323)
Share-based payment expense (3,200) (1,523)
Profit on sale of property, plant and equipment (14) 27
Other corporate costs (1,014) (965)
Profit before tax 32,472 989
7 Segmental information (continued)
Segment assets and
liabilities
30 June 2025 As restated 31 December 2024
Homebuilding Partnerships Total Homebuilding Partnerships Total
€'000 €'000 €'000 €'000 €'000 €'000
Segment assets 724,593 363,791 1,088,384 669,937 372,613 1,042,550
Reconciliation to Consolidated Balance Sheet
Deferred tax asset 1,369 1,339
Trade and other receivables 1,571 1,179
Cash and cash equivalents 92,766 63,165
Property, plant and equipment 62,501 62,404
Income tax receivable 4,182 -
Intangible 7,930 7,277
assets
1,258,703 1,177,914
Segment liabilities 135,541 39,166 174,707 (135,744) (34,084) 169,828
Reconciliation to Consolidated Balance Sheet
Trade and other payables 11,162 11,407
Loans and borrowings 318,371 238,168
Derivative contracts 1,370 1,576
Lease liabilities 4,738 4,415
Income tax payable - 1,350
510,348 426,744
8 Revenue
30 June 30 June
2025 2024
€'000 €'000
Homebuilding
Core 211,800 101,598
Non-core 6,601 -
218,401 101,598
Partnerships
Core 123,191 49,929
Non-core - 659
123,191 50,588
Total Revenue 341,592 152,186
As in the prior year, the Group expects significantly more closing activity
(and consequently increased revenue) in the second half of the financial year
as a result of the seasonality that currently exists within the Group's
development cycle.
Core Homebuilding product relates to affordable own door single family homes
for first time buyers. Revenue is recognised at a point in time. Non-core
Homebuilding revenue relates to the sale of high-end, private developments.
Partnerships revenue includes income from the sale of units recognised at a
point in time and development revenue from construction contracts that are
recognised over time by reference to the stage of completion of the contract
with the customer. Development revenue recognised in the financial period
related to the development of the sites at Ballymastone, Oscar Traynor Road,
Mooretown, Cork Docklands and Foxwood Barn Citywest amounted to €95.9
million (30 June 2024: €45.5 million) with €18.2 million (31 December
2024: €32.3 million) outstanding in contract receivables and €114.2
million (31 December 2024: €79.2 million) outstanding in contract assets at
the end of the financial period. Land revenue associated with construction
contracts amounted to €8.4 million (30 June 2024: €Nil) in the financial
period, revenue from land sales generated an immaterial profit in the
financial period. Non-core Partnerships revenue product relates to the sale of
high-end, private developments.
9 Share-based payment arrangements
(a) Description and reconciliation of options outstanding
Number of Number of
Options Options
2025 2024
LTIP options in issue at 1 January 15,972,572 13,960,427
Granted during the period 5,090,826 6,037,690
Forfeited during the period (1,552,756) (1,952,697)
Exercised during the period (2,471,002) (1,820,872)
LTIP options in issue at 30 June 17,039,640 16,224,548
Exercisable at 30 June 763,145 319,393
The options outstanding at 30 June 2025 had an exercise price €0.001 (2024:
€0.001) and a weighted-average contractual life of 7 years
(2024: 7 years).
(b) Measurement of fair values
The EPS and ROE related performance conditions are non-market conditions and
do not impact the fair value of the EPS or ROE based awards at grant date
which is equivalent to the share price at grant date. Awards granted have a
three year vesting period. The inputs used in measuring fair value at grant
date were as follows:
2025 2024
Fair value at reporting date €1.72 €1.30
Share price at reporting date €1.72 €1.30
The exercise price of all options granted under the LTIP to date is €0.001
and all options have a 7- year contractual life.
(c) Expense recognised in profit or loss
The Group recognised an expense of €3.2 million (2024: €1.5 million) in
the condensed consolidated statement of profit or loss in respect of options
granted under the LTIP and SAYE arrangements.
10 Income tax
30 June 30 June
2025 2024
€'000 €'000
Current tax charge for the period 4,198 392
Deferred tax credit for the period (82) (73)
Total income tax charge 4,116 319
Movement in deferred tax balances
Recognised in other comprehensive income
Balance at 1 January 2025 Recognised in profit or loss Balance at 30 June 2025
€'000 €'000 €'000 €'000
Expenses deductible in future periods 1,339 (52) 82 1,369
The expenses deductible in future periods arise in Ireland and have no expiry
date. Based on profitability achieved in the period, the continued forecast
profitability in the Group's strategic plan and the sensitivities that have
been applied therein, management has considered it probable that future
profits will be available against which the above losses can be recovered and,
therefore, the related deferred tax asset can be realised.
11 Inventory 30 June 31 December
2025 2024
€'000 €'000
Land 536,004 556,163
Development expenditure work in progress 346,845 283,746
Development rights 28,625 24,444
911,474 864,353
(i) Employment cost capitalised
€11.7 million of employment costs incurred in the period have been
capitalised in inventory (June 2024: €12.0 million), this includes €0.8
million of equity settled share-based payment costs incurred in the period
(June 2024: €Nil).
(ii) Development rights
Mooretown, Swords, Co Dublin
In March 2025, the Company entered into a Development Agreement ("DA") with
Fingal County Council ("FCC"). Under the terms of the DA and following
planning permission being granted, the Company acquired certain development
rights in respect of the site at Mooretown, Swords, Dublin for consideration
of approximately €7.1m exclusive of stamp duty and acquisition costs. The
development rights (subject to planning permission) entitle the Company to
develop approximately 350 residential units in accordance with the terms of
the DA.
12 Property, plant and equipment
During the period, the Group recognised total additions to property, plant and
equipment of €3.5 million (six months ended 30 June 2024: €2.4
million) which included expenditure on land and buildings of €0.3 million
(six months ended 30 June 2024: €0.7 million), with € 3.2 million (six
months ended 30 June 2024: €1.7 million) invested in plant and machinery,
fixtures and fittings and computer equipment. Depreciation recognised in the
period was €3.4 million (six months ended 30 June 2024: €3.3 million). Net
disposals of plant and machinery in the period of €0.2 million (six months
ended 30 June 2024: €0.2 million).
During the period, the Group entered into new lease agreements for the use of
motor vehicles of €1.0 million (six months ended 30 June 2024:
€0.2 million).
13 Share capital and share premium
(a) Authorised share capital
As at 30 June 2025 Number of
shares €'000
Ordinary shares of €0.001 each 1,000,000,000 1,000
1,000,000,000 1,000
13 Share capital and share premium (continued)
(b) Authorised share capital
As at 31 December 2024 Number of
shares €'000
Ordinary shares of €0.001 each 1,000,000,000 1,000
Deferred shares of €0.001 each 200,000,000 200
1,200,000,000 1,200
(c) Issued and fully paid share capital and share premium
As at 30 June 2025 Number of Share capital Share premium
shares €'000 €'000
Ordinary shares of €0.001 each 541,227,409 541 179,856
541,227,409 541 179,856
As at 31 December 2024 Number of Share capital Share premium
shares €'000 €'000
Ordinary shares of €0.001 each 560,878,504 561 179,788
Deferred shares of €0.001 each 81,453,077 81 -
642,331,581 642 179,788
Share buyback programme
On 6 September 2024, a fifth share buyback programme commenced to repurchase a
further €50.0 million. The Group announced in January 2025 its intention to
amend the terms of this programme so that the maximum aggregate consideration
of the current programme is €65.0 million. In May 2025, the Group announced
its intention to amend the terms of this programme so that the maximum
aggregate consideration of the current programme is €85.0 million. The total
number of shares purchased in the financial period was 22,164,101 at a total
cost of €35.3 million. All repurchased shares were cancelled in the period
ended 30 June 2025.
As at 30 June 2025, the total number of shares purchased under the fifth
buyback programme was 41,302,026 at a total cost of €65.7 million. All
repurchased shares were cancelled in the period ended 30 June 2025.The
programme may continue until 31 December 2025.
Deferred shares
On 22 May 2025, the shareholders approved the cancellation of the remaining
deferred shares.
14 Loans and Borrowings
(a) Loans and borrowings
In August 2024, the Group finalised an expansion of the existing five-year
sustainability linked finance facility to €450.0m (Term Loan: €150.0m,
Revolving Credit Facility €300.0m) with the existing syndicate of domestic
and international financial institutions, at an interest rate of one-month
EURIBOR (subject to a floor of 0 per cent) plus a margin of 2.65-2.75% (30
June 2024: 2.7-2.8%). All other terms and conditions agreed at the
commencement of the facility remain the same as at the commencement in
February 2023. The debt facility interest rates are linked to the Group
meeting certain sustainability performance targets aligned to its
sustainability strategy. The sustainability performance targets are in respect
of decarbonisation and the Group's Equity, Diversity and Inclusion strategy.
The term loan is repayable in full at the end of the five years. At 30 June
2025, €150.0 million has been drawn on the term loan element of the new debt
facility (31 December 2024: €150.0 million). Pursuant to the debt facility
agreement, there is fixed and floating charges and assignments in place over
all the assets of the Group as continuing security for the discharge of any
amounts drawn down. The assets carrying value at 30 June 2025 is €1,258.7
million (31 December 2024: €1,177.9 million).
30 June 31 December
2025 2024
€'000 €'000
Debt facilities 320,000 240,000
Unamortised transaction costs (3,178) (3,771)
Interest accrued 1,545 1,939
Total loans and borrowings 318,367 238,168
Loans and borrowings are payable as follows: 30 June 31 December
2025 2024
€'000 €'000
Less than one year 2,734 3,129
Between one and two years 1,191 1,191
More than two years 314,442 233,848
Total loans and borrowings 318,367 238,168
The Group's debt facilities were entered into with AIB, Bank of Ireland,
Barclays and Home Building Finance Ireland and are subject to primary
financial covenants calculated on a bi-annual basis.
All covenants have been complied with in the 6-month period and
in financial year 2024.
14 Loans and Borrowings (continued)
(a) Net debt reconciliation
30 June 31 December
2025 2024
€'000 €'000
Restricted cash 458 458
Cash and cash equivalents 92,766 63,165
Loans and borrowings (318,367) (238,168)
Lease liabilities (4,738) (4,415)
Total net debt (229,881) (178,960)
15 Financial instruments and financial risk management
(a) Accounting classification and fair value
For details of the Groups share value hierarchy, please see the Group's annual
report.
30 June 2025 Level 1 Level 2 Level 3
Quoted prices in
active markets for Significant
identical assets & Significant other unobservable
liabilities observable inputs inputs Total
€'000 €'000 €'000 €'000
Recurring Measurement
Liabilities
Derivative contracts - 1,370 - 1,370
Total - 1,370 - 1,370
31 December 2024 Level 1 Level 2 Level 3
Quoted prices in
active markets for Significant
identical assets & Significant other unobservable
liabilities observable inputs inputs Total
€'000 €'000 €'000 €'000
Recurring Measurement
Liabilities
Derivative contracts - 1,576 - 1,576
Total - 1,576 - 1,576
15 Financial instruments and financial risk management (continued)
(a) Accounting classification and fair value (continued)
The following table shows the carrying amounts and fair values of financial
assets and financial liabilities.
Carrying Amount
Financial assets at amortised cost
30 June 31 December
2025 2024
Financial assets not measured at fair value €'000 €'000
Trade receivables 3,567 20,617
Amounts recoverable on construction contracts 18,225 38,522
Contract assets 114,153 79,252
Other receivables 7,795 5,915
Construction bonds 21,002 21,086
Deposits for sites 5,651 6,542
Cash and cash equivalents 92,766 63,165
Restricted cash (current) 458 458
Total financial assets 263,617 235,557
Cash and cash equivalents are short-term deposits held at variable rates.
Carrying amount
Other financial liabilities
30 June 31 December
2025 2024
Financial liabilities not measured at fair value €'000 €'000
Trade payables 31,210 11,339
Lease liabilities 4,738 4,415
Inventory accruals 77,997 66,135
Other accruals 61,598 61,061
Loans and borrowings* 318,367 238,168
Total financial liabilities 493,910 381,118
Trade payables and other current liabilities are non-interest bearing.
* The fair value of the group's loans and borrowings (Level 2 fair value) is
€322.8m at 30 June 2025 (31 December 2024: €235.0 million). The valuation
is based on future repayment and interest cashflows discounted at a period-end
market interest rate.
15 Financial instruments and financial risk management (continued)
(b) Financial risk management objectives and policies
As all of the operations carried out by the Group are in Euro there is no
direct currency risk, and therefore the Group's main financial risks are
primarily:
- liquidity risk - the risk that suitable funding for the Group's
activities may not be available;
- market risk - the risk that changes in market prices, such as
interest rates will affect the Group's income or the value of its holdings of
financial instruments; and
- credit risk - the risk that a counter-party will default on their
contractual obligations resulting in a financial loss to the Group.
This note presents information and quantitative disclosures about the Group's
exposure to each of the above risks, its objectives, policies and processes
for measuring and managing risk, and the Group's management of capital.
Liquidity risk
Liquidity risk is the risk that the Group may not be able to generate
sufficient cash reserves to settle its obligations in full as they fall due or
can only do so on terms that are materially disadvantageous. The Group's
approach to managing liquidity is to ensure, as far as possible, that it will
always have sufficient liquidity to meet its liabilities when due, under both
normal and stressed conditions, without incurring, unacceptable losses or
risking damage to the Group's reputation. The Group's liquidity forecasts
consider all planned development expenditure.
The Group is party to a five-year sustainability linked finance facility of
€450.0 million with a syndicate of domestic and international financial
institutions, at an interest rate of one-month EURIBOR (subject to a floor of
0 per cent) plus a margin of 2.65-2.75% (30 June 2024: 2.7-2.8%). The debt
facility interest rates are linked to the Group meeting certain sustainability
performance targets aligned to its sustainability strategy. The sustainability
performance targets are in respect of decarbonisation and the Group's Equity,
Diversity and Inclusion strategy. €320.0 million has been drawn on the debt
facility (31 December 2024: €240.0 million). The Group has an exposure to
cash flow interest rate risk where there are changes in the EURIBOR rates.
Management monitors the adequacy of the Group's liquidity reserves against
rolling cash flow forecasts. In addition, the Group's liquidity risk
management policy involves monitoring short-term and long-term cash flow
forecasts. Set out below are details of the Group's contractual cash flows
arising from its financial liabilities and funds available to meet these
liabilities.
Funds available 30 June 31 December
2025 2024
€'000 €'000
Debt facilities (undrawn committed) 130,000 210,000
Cash and cash equivalents* 92,766 63,165
Restricted cash 458 458
223,224 273,623
*Includes €25.0 million (31 December 2024: €25.0 million) of restricted
cash.
15 Financial instruments and financial risk management (continued)
(b) Financial risk management objectives and policies (continued)
Liquidity risk (continued)
30 June 2025
Carrying Contractual Less than 1 year More than
amount cash flows 1 year to 2 years 2 years
€'000 €'000 €'000 €'000 €'000
Lease liabilities 4,738 5,168 1,746 1,320 2,102
Trade payables 31,210 31,210 31,210 - -
Inventory accruals 77,997 77,997 77,997 - -
Other accruals 61,598 61,598 61,598 - -
Derivative contracts 1,370 1,436 570 567 299
Loans and borrowings 318,367 335,059 15,059 15,059 304,941
495,280 512,468 188,180 16,946 307,342
31 December 2024
Carrying Contractual Less than 1 year More than
amount cash flows 1 year to 2 years 2 years
€'000 €'000 €'000 €'000 €'000
Lease liabilities 4,415 4,885 1,375 1,219 2,291
Trade payables 11,339 11,339 11,339 - -
Inventory accruals 66,135 66,135 66,135 - -
Other accruals 61,061 61,061 61,061 - -
Contingent consideration - - - - -
Derivative contracts 1,576 1,653 185 211 1,257
Loans and borrowings 238,168 264,444 18,504 16,565 229,374
382,694 409,517 158,599 17,995 232,922
Market risk
Interest rate risk reflects the Group's exposure to changes in interest rates
and stems predominantly from its debt obligations. Interest rate risk reflects
the Group's exposure to fluctuations in interest rates in the market. This
risk arises from bank loans that are drawn under the Group's debt facilities
with variable interest rates based upon EURIBOR. At the period ended 30 June
2025 it is estimated that a decrease of 100 basis points to EURIBOR would have
increased the Group's profit before tax by €1.2m million (2024:
increase of €1.1 million) assuming all other variables remain constant, and
the rate change is only applied to the loans that are exposed to movements in
EURIBOR.
As part of the Group's strategy to manage our interest rate risk, the Group
entered into an interest rate swap on 28 February 2023 to hedge the interest
rate risk associated with the €100.0 million term loan element of our new
debt facilities. The interest rate swap is in place for the 5-year period of
the facility agreement. The nominal amount hedged for years one and two is
€100.0 million with this stepping down to €50.0 million for the remaining
three years of the facility agreement. During the period, the nominal hedged
amount reduced to €50.0 million.
The Group is also exposed to interest rate risk on its cash and cash
equivalents. These balances attract low interest rates and therefore a
relative increase or decrease in their interest rates would not have a
material effect on the Group's profit.
15 Financial instruments and financial risk management (continued)
(b) Financial risk management objectives and policies (continued)
Interest rate risk
The amounts relating to items designated as hedging instruments and hedge
ineffectiveness were as follows:
As at 30 June 2025 For the six months ended 30 June 2025
Carrying amount Amount reclassed from hedging reserve to profit or loss
Changes in the value of hedging instruments recognised in OCI
Line items in profit or loss that includes hedge ineffectiveness
Hedge ineffectiveness recognised in profit or loss
Nominal amount
Assets Liability
(€'000) (€'000) (€'000) (€'000) (€'000) (€'000) (€'000) (€'000)
Interest rate swap 50,000 - (1,370) 33 - Loss on derivative financial instruments 174 Financing costs
As at 31 December 2024 For the year ended 31 December 2024
Carrying amount Amount reclassed from hedging reserve to profit or loss
Changes in the value of hedging instruments recognised in OCI
Line items in profit or loss that includes hedge ineffectiveness
Hedge ineffectiveness recognised in profit or loss
Nominal amount
Assets Liability
(€'000) (€'000) (€'000) (€'000) (€'000) (€'000) (€'000) (€'000)
Interest rate swap 100,000 - (1,576) 741 - Loss on derivative financial instruments (668) Financing costs
The Group held the following instruments to hedge exposures to changes in
interest rates.
30 June 31 December
Interest rate swaps 2025 2024
Net exposure (€'000) 1,370 1,576
Average fixed interest rate 3.035% 3.035%
15 Financial instruments and financial risk management (continued)
(b) Financial risk management objectives and policies (continued)
Interest rate risk (continued)
The amounts at the reporting date relating to items designated as hedged items
were as follows:
As at 30 June 2025
Change in
value used for
calculating Cashflow
hedge hedge
ineffectiveness Reserve
€'000 €'000
Interest rate swap - (1,370)
- (1,370)
As at 31 December 2024
Change in
value used for
calculating Cashflow
hedge hedge
ineffectiveness Reserve
€'000 €'000
Interest rate swap - (1,576)
- (1,576)
Credit risk
The Group's exposure to credit risk encompasses the financial assets being:
trade and receivables,
contract assets and cash and cash equivalents. Credit risk is managed by
regularly monitoring the Group's credit exposure to each counter-party to
ensure credit quality of customers and financial institutions in line with
internal limits approved by the Board.
There has been no impairment of trade receivables in the year presented. The
impairment loss allowance allocated against trade receivables, contract
assets, cash and cash equivalents and restricted cash is not material. The
credit risk on cash and cash equivalents is limited because counter-parties
are leading international banks with minimum long-term BBB+ credit-ratings
assigned by international credit agencies. The maximum amount of credit
exposure is the financial assets in this note.
16 Commitments and contingent liabilities
Hollystown Golf and Leisure Limited ("HGL")
During 2018, the Group acquired 100 per cent of the share capital of HGL.
Under the terms of an overage covenant signed in connection with the
acquisition, the Group has committed to paying the vendor an amount equal to
an agreed percentage of the uplift in market value of the property should any
lands owned by HGL, that are not currently zoned for residential development
be awarded a residential zoning. This commitment has been treated as
contingent consideration and the fair value of the contingent consideration at
the acquisition date was initially recognised at €nil. At the reporting
date, the fair value of this contingent consideration was considered
insignificant.
Contracted acquisitions
At 30 June 2025, the Group had contracted to acquire five development sites;
one in County Galway, one in County Meath, one in County Cork, one in County
Dublin and one in County Westmeath for an aggregate consideration of
approximately €42.8 million (excluding stamp duty and legal fees). Deposits
totalling €5.7 million were paid pre-period end and are included within
trade and other receivables at 30 June 2025.
17 Subsequent events
On 25 September 2025, the Group announced its intention to amend the terms of
this programme so that the maximum aggregate consideration of the current
programme is €105 million. On 23 September 2025, the number of shares
repurchased in the share buyback programme had reached 50.7 million for a cost
of €83.3 million. All repurchased shares were cancelled.
On 14 July 2025, the Group acquired a development site in County Dublin for
consideration of €26.0 million (excluding stamp duty and legal fees).
18 Goodwill
No indicator of impairment existed at reporting date in respect of goodwill.
19 Related party transactions
There were no related party transactions in the current or prior reporting
period.
20 Approved condensed consolidated interim financial statements
The Directors approved the condensed consolidated interim financial statements
on 24 September 2025.
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