|
Glenveagh Properties PLC on Thursday said its strong forward order book, operational momentum, and continued progress in manufacturing underpins full year guidance. The Kildare, Ireland-based housebuilder anticipates a more than doubling of earnings per share to around 17 euro cent from 8 cents a year prior, with a return on equity target of around 15%. Shares in Glenveagh Properties climbed 2.7% to €1.32 in London on Thursday. In a trading update for the six months ending June, Glenveagh said a number of significant land transactions are now being explored, in ‘highly attractive’ locations. If successful, these will also underpin long-term operational growth and optimal returns for shareholders, the company stated. ‘Once our capital allocation priorities are satisfied, we remain committed to returning any excess cash identified to shareholders,’ Glenveagh added. In the first half of 2024, over 800 units of the 2,700 full year target were completed compared with 333 a year ago. First half revenue dipped to €150 million from €172 million a year ago. The forward order book climbed 22% to €1.17 billion at June 30 from €963 at May 2. Glenveagh highlighted strong planning momentum with permissions granted for approximately 1,300 units in the first half with over 95% of units targeted for financial 2025 now with planning permissions granted. Chief Executive Stephen Garvey said: ‘We continue to make excellent progress across our business and are firmly on track to meet our objectives for the year.’ Copyright 2024 Alliance News Ltd. All Rights reserved.
|
