2 May 2024
Glenveagh Properties
plc
Trading Update
Glenveagh Properties plc ("Glenveagh" or the
"Group") a leading Irish homebuilder is holding its 2024 AGM today
at 1:00 p.m. at the Herbert Park Hotel, Ballsbridge, Dublin 4,
Ireland. This statement comments on the Group's year-to-date
trading and outlook.
FY 2024
Performance Summary
·
Strong forward order book which now totals €963m across our
three business segments, up from €805m at the end of February
2024
·
1,440 suburban units are now either sold, signed or reserved
for FY 2024, compared to 1,106 units at the end of February 2024.
Strong reservation trends continued in our Suburban business
segment, reflecting healthy underlying private market demand
supported by a durable domestic economy, the range of Housing for
All initiatives, and further underpinned by the structural
undersupply of high-quality, affordable housing in
Ireland
·
Contracted urban projects are proceeding as planned and are
expected to deliver approximately 650 units this year. In addition,
we have agreed commercial terms for a forward fund transaction on
one of our existing higher density urban developments
· Our
Partnerships business segment is on track with ongoing construction
at our Ballymastone and Oscar Traynor Road developments. We are
also in advanced negotiations on a third partnerships
agreement
·
Strong planning momentum has continued, with permissions
granted for over 1,000 units so far in FY 2024. We are also on
track to lodge planning applications for over 2,000 units over the
course of this year, underpinning unit delivery in FY 2025 and
beyond
· We
have continued to progress our sustainability ambitions, including
the launch of our biodiversity and circular economy strategies
'Building a Better Habitat' and 'Building Better Circularity' which
set out how we are taking action in these important
areas
· We
continue to anticipate an EPS outturn for FY 2024 of approximately
17 cent
·
Glenveagh will release a H1 2024 trading update in early July
2024 in advance of its 2024 Interim Results on 5 September
2024
CEO STEPHEN
GARVEY COMMENTED:
"We've had a
strong start to 2024, with our business benefiting from favourable
market conditions and greater scale. We're continuing to see robust
demand for the homes we deliver - high-quality, energy-efficient,
and sustainable homes at prices that are affordable for our
customers. This leaves us very well positioned to deliver over
2,700 much needed homes across our three business segments this
year.
This greater
scale has been achieved in a sustainable way, powered by our
talented and engaged workforce and reinforced by the increased
standardisation of our product range and processes, our enhanced
planning and design capabilities, and the significant advantages
from our off-site manufacturing business NUA.
It is now
clear that the Government's targeted and effective initiatives are
having the desired effect on industry performance and output. The
range of demand and supply side incentives, coupled with enhanced
compact growth guidelines and encouraging improvements in planning
policy and system, supported an increase in annual completions to
approximately 33,000 in 2023, up 55% since 2019. The 63% increase
in commencements in Q1 this year indicates that output levels are
very likely to increase further in 2024.
Building on
this momentum is critical so that the industry can meet the next
phase of output growth, to deliver well over 50,000 homes per
annum. The review of the national planning framework needs to
provide a housing target that accurately reflects current and
future population requirements, a target that is designed for
viable and desirable homes in locations where there is demand.
Effective delivery can be enabled by comprehensive resourcing of
all aspects of the design, planning and development lifecycle and
by streamlining design standards at a national level. The
partnership model can also be increasingly used alongside the
established capabilities of the LDA to accelerate the development
of homes on the State landbank. Most importantly, this next phase
of growth will need the industry and private sector capital to work
together with the State to achieve this increased supply in a
sustainable manner."
ENDS
For further
information please contact:
Investors:
|
Media:
|
Glenveagh
Properties plc
Michael Rice (CFO)
Jack Gorman (Head of IR and Corporate
Affairs)
investors@glenveagh.ie
|
Gordon
MRM
Ray Gordon +353 87 241 7373
David Clerkin +353 87 830 1779
glenveagh@gordonmrm.ie
|
Notes to
Editors
About Glenveagh Properties
plc
Glenveagh Properties plc, listed on Euronext
Dublin and the London Stock Exchange, is a leading Irish
homebuilder.
Supported by innovation and supply chain
integration, 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
three core markets - suburban housing, urban apartments and
partnerships with local authorities and state agencies.
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).