Glenveagh profits hit €63 million as sales of suburban homes surge

Housebuilder said it had shielded itself from construction inflation but called on the government for ‘meaningful action’ to deal with acute shortages

Stephen Garvey, the chief executive of Glenveagh Properties, said the company was ready to build more homes if government policy was supportive. Picture: Fennell Photography

Glenveagh posted revenues of €644.7 million in 2022, a 35 per cent increase on the year before, the housebuilder has confirmed.

In its full-year results for 2022, published this morning, Glenveagh said it had effectively shielded itself from the effects of high construction costs and closed out the year with pre-tax profits of €63 million – a 38 per cent jump year on year.

The company’s gross margin was 16.8 per cent, a slight decline ...