REG - Glenveagh Properties - Trading Update

Glenveagh PropertiesAnnouncement

22/05/2025 07:00

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RNS Number : 6831J  Glenveagh Properties plc  22 May 2025

22 May 2025

Glenveagh Properties plc

Trading Update

Maintaining momentum with strong start to 2025

Glenveagh Properties plc ("Glenveagh" or the "Group") a leading Irish
homebuilder is holding its 2025 AGM today at 1:00pm, at The Westbury Hotel,
Dublin. This statement comments on the Group's year-to-date trading and
outlook.

Performance Summary

·    Closed and forward order book of €1.23bn across both the
Homebuilding and Partnerships segments, up from €1.09bn at 10 March 2025 and
providing excellent visibility for the remainder of the year

·    Progress in Homebuilding segment is aligning firmly with
expectations. Over 1,100 units are either sold, signed or reserved for 2025,
reflecting very strong underlying demand for the Group's high-quality homes
across all selling sites

·    Partnerships segment continues to deliver to plan with construction
progressing well at all six Partnership sites

·    Non-core land sales totalling more than €50m are at complete,
contracted or sale agreed stage, reflecting the Group's decision to further
optimise capital employed in land and focus on sites of scale

·    Investment in the production infrastructure for an external façade
system has commenced, which will complement the Group's existing timber-frame
capacity of over 2,500 units per annum

·    Sustained planning momentum with permission secured for more than
1,355 units year-to-date, with over 90% of anticipated unit deliveries for
2026 fully planned

Outlook

·    FY2025 guidance reiterated, anticipating an EPS outturn of 19.5 cent

·    As indicated at the time of the Group's full-year results in March,
H1 2025 is expected to be materially stronger than H1 2024, with increased
units, revenue and profitability, albeit the weighting of each towards H2 will
persist

·    Continued confidence in delivering 1,500 Homebuilding units and
achieving Partnerships revenue of approximately €400m in 2025, in addition
to completing over €100m in non-core land sales across 2025 and 2026

·    Total equivalent home deliveries are expected to reach approximately
2,600 in 2025

·    Glenveagh will release its 2025 Interim Results on 25 September 2025

Capital Allocation

·    The Group initiated a further €50m share buyback programme in
September 2024 and expanded this to €65m in January 2025. As of 23 May 2025,
approximately €60m has been returned to shareholders from this programme

·    Given the anticipated comparatively strong H1 performance, visibility
on land sales and an improved cash profile anticipated in H2, the share
buyback programme will be expanded to €85m

 

CEO STEPHEN GARVEY COMMENTED:

"We are pleased with our strong start to the year, which aligns with
expectations and underscores both the effectiveness of our strategy and our
execution.

Amid global macro-economic uncertainties, the fundamentals of the Irish
housing market remain strong, supported by underlying demand, a resilient
Irish economy, and favourable government policies. Furthermore, thanks to our
integrated manufacturing capability, we are not experiencing significant
pressure on costs.

We welcome the publication of the revised National Planning Framework in
recent weeks. It is critical that local authorities are now instructed to
identify the quantum of land suitable for residential needs as quickly as
possible. Additionally, urgent investment must be made in large scale
infrastructure projects that are required to support increased housing
delivery.

Certainty is critical for progress in housing supply - the continued
allocation of public funding for existing supply measures, and projects that
are under construction or can be commenced quickly, is essential to ensuring
we maintain and grow home deliveries nationally. This, in turn, supports in
attracting the private capital that is also required to increase housing
supply.

For our part, as a partner of choice to the public sector, we stand ready to
support. As evidenced by our growing Partnerships segment, we see significant
potential for further collaboration with the government and public sector
bodies through the delivery of quality and sustainable housing on public lands
in a cost-effective manner that delivers value to the Exchequer.

This, coupled with our strong delivery pipeline of homes from our Homebuilding
segment, leaves us well positioned to contribute significantly to the delivery
of more homes across Ireland."

ENDS

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, 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).

 

 

 

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