Revenues slump at housebuilder Glenveagh despite lucrative new state partnerships

The construction firm has forecast that revenue from its partnership segment, which includes housing projects being built for the state social and affordable programmes, will generate more than €100 million in 2024

Stephen Garvey: the Glenveagh chief executive said some county development plans were ‘fundamentally flawed’ when it comes to housing supply. Picture: Fergal Phillips

Earnings at Glenveagh, the developer, were down 13 per cent in 2023 compared to the previous year, but margin in its suburban housebuilding business grew.

The Dublin-based housebuilder reported turnover of €608 million, a 6 per cent decline on 2022, but recorded revenue from its partnerships to deliver state housing for the first time.

The decline in year-on-year revenue has been attributed to the once-off disposal of a site on East Road in Dublin docklands ...