Property Sector

Housebuilder Glenveagh reports sharp fall in profits

Pretax profits fall by 89 per cent as revenues also slide but housebuilder remains optimistic on long-term demand

Stephen Garvey, chief executive of Glenveagh Properties

Glenveagh Properties, the listed housebuilder, has recorded an 89 per cent fall in pre-tax profits for the first six months of 2023 as revenues declined by 14 per cent.

It reported pretax profits of €1.4 million for the January to June period as against €13 million a year earlier as revenues fell to €171.6 million fro €200 million.

“Profitability was impacted primarily by lower urban revenues, reflecting a higher H1 2022 comparative that included approximately ...