Chairman’s letter

Our clear strategy to concentrate on three business areas continues to provide the best platform for targeting the deepest and most resilient segments of the market.
John MulcahyChairman

I am pleased to present the Glenveagh Annual Report for the year ended 31 December 2021. The Group’s successful performance in 2021, despite the intense challenges presented by Covid-19, demonstrates the strength of our business model and strategy, and the dedication of the whole Glenveagh team.

We began the year in a protracted lockdown due to the second wave of Covid-19. This meant that activity had to cease on most of our sites. When restrictions lifted, the strength of our construction teams and on-site processes meant we were able to maintain our guidance of delivering 1,150 houses in 2021. This was a major achievement requiring enormous effort in the face of a global pandemic and a 13-week shut-down.

Proven success of business model and strategy

Our clear strategy to concentrate on three business areas – Suburban, Urban and Partnerships – continues to provide the best platform for targeting the deepest and most resilient segments of the market. The benefit of this approach is demonstrated by Glenveagh’s impressive performance during 2021.

Total revenue for the year was €476.8 million (2020: €232.3 million) as we delivered to our customers in a pandemic dominated and demanding operational environment, 1,150 unit sales completed (2020: 700). Glenveagh finished the year with 1,921 units contracted or reserved for 2021 (2020: 950) providing further evidence of the strong demand and maturing sales profile within the business.

Looking ahead, we expect the market environment to remain favourable with significant demand from owner occupiers for own-door homes and institutional demand for apartments. Government policy is supportive of increased output from the industry by enabling a significant amount of first time buyers to access finance through a combination of the extended help to buy scheme and recently announced shared equity scheme. The Government’s Housing For All strategy sets out a clear path for housing related policy and should support the continued growth of the industry. Our starter home focused landbank and sector leading delivery platform is uniquely positioned to address the access and affordability challenges outlined in Housing For All.

Safety first

The health and wellbeing of everyone who we engage and work with is the most important thing to us. This is why we are committed to maintaining the health and safety of all those who work with us and who are impacted by what we do. We do this by integrating health and safety into all our decision making.

Collaborative

Building homes at scale requires the close collaboration of many different people with specialist skills and distinct perspectives. We respect and trust each other while acting responsibly and with integrity, believing that how we get things done is just as important as our achievements.

Innovative

We constantly seek to innovate to satisfy customer needs, drive sustainability and deliver value for money. We find new ways of solving current and future challenges to create flourishing communities across Ireland.

Customer-centred

We build for the people who call our developments ‘home’. To do this well, we take the time to understand them, their lives and their ever- changing needs. By putting our customers at the centre of everything we do we create homes and communities that have lasting value.

Can-do

We positively impact each other, our partners and our customers through our dedication, grit, and can-do attitude. We are continuously learning and growing our skills to ensure we realise our vision.