Glenveagh Properties PLC on Thursday reported a strong revenue performance in 2022, driven by its Suburban business segment.

The Dublin-based housebuilder posted revenue of €649 million, up 36% from €477 million a year ago, driven primarily by increased suburban revenue.

It reported suburban revenue of €454 million, consisting of 1,354 unit sales and the suburban average selling price of about €330,000, up from €308,000, reflecting its ‘strong operational performance in a challenging environment’.

Operating profit improved to around €70 million from €50.6 million, while its gross margin fell to 17% from 17.4%.

Glenveagh said it was also beginning a buyback programme to repurchase up to 10% of the firm’s share capital.‘

Looking forward, the firm said it was ’very well-positioned‘ to grow longer term revenue and profitability. It currently expects an earnings per share outturn for 2023 in line with its 2022 performance.

Chief Executive Officer Stephen Garvey said: ’We made very good progress across the business in 2022 and we continue to focus on scaling our operations to deliver high quality, sustainable homes. We have delivered strong suburban unit growth and have actively de-risked our urban land portfolio. We have also advanced our off-site manufacturing capabilities and look forward to using our sustainable and innovative manufacturing technologies to deliver for Irish homebuyers in the years to come. Our capital allocation framework has also enabled us to return approximately €145 million to shareholders during the year.‘

In September last year, the company announced a pretax profit of €13.0 million in the six months to June 30, more than tripled from the €4.3 million in the same period the year before. Revenue grew 57% to €200 million from €127.5 million last year.

Shares were down 5.0% at €0.84 each on Thursday morning.

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