Glenveagh upgrades guidance after "strong growth" in first half

Glenveagh Properties PLC on Thursday celebrated "strong sales momentum" in its first half and raised full-year guidance, as well as doubling its ongoing buyback programme.

The Kildare, Ireland-based housebuilder reported revenue of EUR239.7 million for the six months ended June 30, down 30% from EUR341.6 million the previous year, as second-half-weighted delivery phasing drove Homebuilding revenue down 71% to EUR63.9 million from EUR218.4 million. Partnerships revenue somewhat offset this, growing 43% to EUR175.8 million from EUR123.2 million.

Glenveagh's total homes completed decreased 31% on-year to 629 units from 906 units.

Pretax profit fell 97% to EUR1.0 million from EUR32.5 million. Earnings per share fell 98% to 0.1 euro cents from 5.2 cents.

The group closed and forward order book totalled EUR1.8 billion as of June 30, up 29% on-year from EUR1.4 billion. Homebuilding's forward order book stood at 2,399 units, up 62% from 1,482 units.

"The first half of 2026 reflects continued disciplined execution of our long-term strategy," commented Chief Executive Officer Stephen Garvey. "Our Homebuilding order book is well-positioned, supported by new site launches delivering impressive sales rates with robust demand across all our existing selling developments.

"The Partnerships business continues to grow at scale, cementing Glenveagh as the partner of choice for the state in delivering the homes Ireland needs...During the period, we also strengthened our funding position, completing the refinancing of our debt facilities and increasing total committed funding to EUR550 million, extending our maturity profile and broadening our lender base."

Glenveagh upgraded its full-year EPS guidance to "at least" 21 cents, having previously forecast up to 21 cents. It expects "higher Homebuilding completions and Partnerships income [to be] offset by lower land sale revenue and higher interest costs."

Glenveagh also said it now expects to complete overall total equivalent home deliveries of more than 2,900 units in 2026, up from previous guidance of 2,750 units.

However, the firm revised land sale guidance downwards to approximately EUR20 million, from EUR45 million, for 2026. It expects a further EUR25 million of land sales in 2027. Glenveagh added that it remains on track to reduce its total land investment by approximately EUR100 million by the end of 2027.

Additionally, Glenveagh announced that it is expanding its current share buyback programme to EUR100 million from EUR50 million.

"Looking ahead, our focus is on converting the order book into completed homes at pace," Garvey said. We expect the group will be highly cash generative in the second half, supporting further returns to shareholders...Alongside this, we continue to invest in our manufacturing and innovation capability, sharpening efficiency and affordability so that we keep delivering the best value product for our customers."

Glenveagh shares opened 0.4% higher in London, but were down 2.0% at EUR2.46 on Thursday afternoon.

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