Glenveagh Properties PLC on Wednesday said that it was looking forward to opportunities in the year ahead, despite seeing both annual profit and revenue fall.

For the year ended December 31, the Maynooth, Ireland-based housebuilder expects to report pretax profit of €55 million, down 13% from €63 million a year prior.

Revenue is expected to be €608 million, down 5.7% from €645 million, and earnings per share to be 8.0 cents, up 5.3% from 7.6 cents the previous year.

During the year, Glenveagh said it had managed to increase both suburban revenue and margin, generating revenue from its Partnerships business segment for the first time, and also benefitting from strong planning momentum after delays in 2022.

Net debt, however, increased to €51 million from €14 million.

Looking forward, Glenveagh said that the long-term demand outlook for the Irish residential housing market remains ‘very positive’, supported by ‘a resilient domestic economy, a fast-growing population and supportive State initiatives’.

Further, the firm is confident of generating strong revenue and profit growth across each of its Suburban, Urban and Partnerships business segments in financial 2024.

‘Glenveagh is strongly positioned for a pivotal year in 2024. We effectively responded to the challenges at the start of 2023 by delivering on key strategic priorities and this progress provides a solid platform to deliver at significant scale this year,’ said Chief Executive Officer Stephen Garvey.

Glenveagh Properties shares were untraded at €1.24 in London on Wednesday morning.

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