2021 has been a transformative year for Glenveagh’s capital efficiency strategy with significant progress made in this area.
Ireland’s economy has shown remarkable resilience throughout the Covid-19 pandemic, with GDP growth in 2020 and 2021 demonstrating the country’s economy as a global outlier. Demand for housing has never been stronger. This demand is being driven by economic growth, population growth and weak supply which has created a pent up demand that has been building for a decade.
New legislation enacted will positively impact the delivery of housing. A commitment to accelerate housing delivery is reflected in the measures introduced.
|Shared Equity Scheme
|Social housing delivery
|LDA Act 2021
During November 2021, 71% of employees participated in the Great Place to Work Culture and Engagement Survey. Monthly updates are provided to the Board by the Chief Executive Officer on various HR KPIs, key employee priorities and the plans to address these priorities. HR initiatives are also presented to the Board by the Head of HR, several times a year.
All our supply chain partners sign up to our standardised processes and procedures covering; site set up, health & safety, environmental requirements, procurement and valuation processes, and logistics, planning and coordination. The Environmental & Social Responsibility Committee (ESR) Committee also updated the Board on its activities twice during the year.
During 2021, the management team held over 140 investor meetings and participated at six investor and industry conferences. The Board and Committee Chairs and the Company Secretary also engage directly with shareholders, when necessary, on specific topics, and where relevant, provide feedback to the Directors.
We engage with our customers through our redeveloped customer website, which provides advice and tips on each step of the home buying journey together with a best-in-class digital home viewing platform. Our Customer Care Department is also available to provide support throughout the customer journey and we conduct monthly customer satisfaction surveys and bi-annual brand surveys to obtain customer feedback.
At Glenveagh, we play a vital role in building sustainable, lasting and thriving communities. Engagements with local authorities is via one-to-one meetings and workshops, while engagements with local community groups is via town hall meetings and consultation events which are facilitated by our community engagement officer. A community engagement strategy, including the ‘Building Lasting Communities’ initiative, was launched in May 2021.
We engage with government departments, State agencies and local authorities on an ongoing basis directly or through membership of trade associations. We also attend and contribute to webinars and policy consultation events. Our environmental health and safety teams work closely with state agencies via health and safety and environmental audits, and our planning teams engage with local authorities through the planning application process.
We have assembled a starter home and affordable private rental sector (PRS) focused landbank with affordability and value for money at its core.
Inputs for value creation
Talented and motivated employees with the expertise and dedication to deliver our commitment to expand access to home ownership and create flourishing communities.
A landbank focused on starter-homes and the private rental sector with affordability and value for money at its core. Our landbank was acquired at attractive rates in the context of both cost per site and site cost as a percentage of net development value.
A recognised and trusted partner, we have built strong relationships with our partners, communities, suppliers and customers.
Financial capital underpinned by a strong balance sheet and forward sales; rigorous investment appraisal process.
An established and trusted brand built on a customer-focused and high quality approach.
A seamless customer journey, high quality homes and developments designed to promote people’s health, happiness, and wellbeing. Our customer satisfaction score in 2021 was 89%.
We create a great place to work, where the health, safety and wellbeing of our people is central. We aim to attract and retain the best talent through growth and development opportunities.
High quality housing built in a way that minimises the impact on the environment, including using land in the most efficient way, driving down waste, reducing emissions during construction and delivering A-rated energy-efficient homes across all our developments, while contributing to economic growth at local and national level.
The creation of the leading Irish homebuilder focused on growth and capital optimisation to drive a fair return for shareholders. Completions and revenue growth of 36% and 68% versus 2019. Return on equity target of 15% by 2024.
Meaningful long-term relationships with suppliers and subcontractors who meet our high standards increasing quality while minimising cost price inflation.
Glenveagh is focused on strategically located developments across Ireland with a focus on the Greater Dublin Area (GDA) and Cork. We provide homes for our private, institutional and State customers via three business segments – Suburban, Urban and Partnerships. We operate as a single business, capitalising on scale advantages and investing sustainably across each segment to deliver a fair return on capital.
Each business segment benefits from our proven delivery platform and industry leading central resources.
These central resources span the entire process outside of construction delivery. Our single underwriting team is complemented by centralised sustainability, planning and design, manufacturing, procurement, construction management and corporate functions.