Glenveagh Properties PLC on Friday said market conditions were favourable amid an ongoing housing shortage in its home country.

The Maynooth, Ireland-based housebuilder said pretax profit surged to €113 million in 2024, from €55 million in 2023.

Revenue climbed 43% to €869 million from €608 million.

Earnings per share jumped to 17 euro cents in 2024 from 8 cents in 2023. For 2025, the company expects EPS to rise further to 19.5 cents.

Looking ahead, Glenveagh said: ‘With favourable market conditions, the group is confident of continued revenue and profit growth in 2025, underpinned by a strong order book, required planning permissions in place, increased standardisation, and vertically integrated manufacturing operation.

‘With proven Partnerships experience, and ability to deliver at scale Glenveagh is strongly positioned to develop housing alongside the public sector. The Partnerships segment has the potential to deliver sustained growth and will account for a materially higher weighting of revenues from 2025.’

Chief Executive Officer Stephen Garvey said: ‘More broadly, there remains a serious challenge to housing delivery without substantial additional capital (public and private), adequate zoned land, public sector resources and critical infrastructure to support new homes.

‘The evidence from 2024 indicates that delivering the targeted 300,000 homes by 2030 requires a renewed impetus at all levels of the public and private sectors, and we look forward to continuing our collaboration to achieve this critical goal.’

The company will release its full-year results on March 13.

Glenveagh shares rose 5.4% to €1.59 each on Friday morning in London.

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