Annual Report & Accounts 2018

Marina Village, Greystones, Wicklow

Glenveagh
At a Glance

Marina Village, Greystones, Wicklow

11,850units


Existing Land Bank Size

525million


Capital Deployed

261


Employess

1,100+


Units under construction during 2018

14


Sites Open


Increase since IPO: Homes

c.6,800units

Increase since IPO: Living

1,850units

Note: Statistics as of 31 December 2018 unless otherwise stated.

Chairman’s Letter

We remain extremely positive on the market opportunity for the business. The Group has structured its business around three segments in the Irish residential market being Build to Sell (BTS); Private Rental Sector (PRS) and Mixed Tenure and the optionality provided by many of the sites in our landbank across these segments is a key strength of the business.

270


We now have 270 people directly employed (85 at IPO) who are providing the platform for future growth and the execution of our strategic objectives

12,600


All land acquisitions have been completed with a focus on shareholder returns and the Group now has a landbank with the capacity to delivery in excess of 12,600 units

270


We now have 270 people directly employed (85 at IPO) who are providing the platform for future growth and the execution of our strategic objectives

12,600


All land acquisitions have been completed with a focus on shareholder returns and the Group now has a landbank with the capacity to delivery in excess of 12,600 units

CEO’s Review

We have shown during our first full year of trading that we are capable of creating and operating a volume homebuilder for the Irish market. Our progress since IPO 17 months ago has been strong. We have the right strategy, the right team and we are in the right sector to create a resilient, long-lasting and profitable business.

11,850*


In 2018 we spent €351.1 million acquiring 16 sites with the potential for c. 7,400 units, bringing our total landbank to 11,850 units on 46 sites.


*as at 31 December 2018.

793


We also purchased further sites at Leixlip and Newbridge, Co. Kildare which currently have planning permission for 793 units for cash consideration of approximately €50m.

11,850*


In 2018 we spent €351.1 million acquiring 16 sites with the potential for c. 7,400 units, bringing our total landbank to 11,850 units on 46 sites.

793


We also purchased further sites at Leixlip and Newbridge, Co. Kildare which currently have planning permission for 793 units for cash consideration of approximately €50m.

*as at 31 December 2018.

CFO’s Review

2018 was a year of significant growth for Glenveagh and has delivered a strong operational and financial performance.


The Group looks forward to further underlying financial growth and operational development in the year ahead.

84million


Overall group revenue 2018 was €84 million, €79 million of which relates to the sale of 275 units and €5 million of land sales

18.2%


The Group’s gross profit for the year amounted to €15.3 million with a corresponding gross margin of 18.2%

84million


Overall group revenue 2018 was €84 million, €79 million of which relates to the sale of 275 units and €5 million of land sales

18.2%


The Group’s gross profit for the year amounted to €15.3 million with a corresponding gross margin of 18.2%

COO’s Review

Our business has grown significantly during the Group’s first full year of operation exceeding expectations across a number of our KPIs, particularly in construction.

1,100


Including sold units the business was actively constructing on over 1,100 units in 2018 across 14 sites


2,000


The scale of the opportunity as a partner of Glenveagh is unrivalled given the 2,000+ unit per annum output target in Homes

1,100


Including sold units the business was actively constructing on over 1,100 units in 2018 across 14 sites


2,000


The scale of the opportunity as a partner of Glenveagh is unrivalled given the 2,000+ unit per annum output target in Homes