Glenveagh profits fall sharply as interest rate costs more than double

Homebuilder recorded lower profits and sales in 2023 but is forecasting its business will grow significantly this coming year

Stephen Garvey, the Glenveagh chief executive, said the company is preparing to ‘operate at scale’ in 2024. Picture: Fennell Photography

Glenveagh, the listed homebuilding company, recorded a double-digit fall in pre-tax profits last year due to a fall in revenues and a surge in finance costs on the back of higher interest rates.

Announcing full year results for 2023 on Wednesday, Glenveagh reported pre-tax profits of just over €55 million, which was down 13 per cent on the previous year.

The sharp fall in profits came after the housing construction company posted a 6 per ...