Annual Report and accounts 2023

Growth and objectives achieved

Against a challenging backdrop, we set out three clear objectives at the start of 2023 – to grow our portfolio of planned sites, to advance our Partnerships business, and to transform our manufacturing business. We have delivered on all three goals.

At a glance




€70.9mAdjusted Operating Profit**operating profit has been presented before exceptional items and impairment reversals/charges

Adjusted Operating Profit

8.0EPS (cent)


€403.8mCarrying value of land****Excludes development rights

Carrying Value of Land

Operational Highlights

1,328No. of Suburban Units Sold

No. of Suburban Units Sold

€805mForward Order Book**as of the annual report approval date

Forward Order Book

94%Customer Satisfaction

Customer Satisfaction

90%Health & Safety Audit Score

H&S Audit Score

Vision, mission, values and culture

Creating value for stakeholders the Glenveagh way

Our vision is that everyone should have the opportunity to access affordable, high-quality homes in flourishing communities across Ireland.

Our mission is to innovate how new homes are planned, designed, built, and marketed in Ireland, and to make the journey for customers
transparent, easy, and joyful.

We foster a culture of fresh thinking, teamwork, and trust to challenge the status quo in our industry.

Safety first

Safety always come first.

The health and wellbeing of our people and those we work with is paramount. That is why health and safety is a fundamental part of our culture and integrated into all our decision-making.


We believe in the power of teamwork to create new possibilities.

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.


Each day we work to bring new ideas home.

Innovation fuels customer satisfaction, sustainability, and efficiencies across the business, enabling us to deliver greater value to stakeholders. Seeking out new ways of solving current and future challenges helps to create flourishing communities across Ireland.


Customers are at the heart of every decision we make.

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.


With the right attitude, we can achieve anything.

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.


Chair's Letter

The business consistently demonstrates strong operational progress, with improved profitability and robust returns

John MulcahyChairman

Chair's Letter

The business consistently demonstrates strong operational progress, with improved profitability and robust returns

John MulcahyChairman

A best in class operator in a truly differentiated market

We are a vertically integrated Irish housebuilder focused on suburban housing, urban apartments and partnerships with local authorities and state agencies. The Irish economy is truly differentiated, providing a long-term underpin to our growth. Within this, we are a best-in-class operator ideally positioned to capitalise on these compelling growth trends.


The environment in which we operate is healthy, reinforced by robust consumer confidence and favourable incentives and supports.


Our business model allows us to scale effectively with a product set that is ideally aligned with market demand.


Operational excellence runs through everything that we do, enabling us to build sustainable homes and to deliver financially.


We have developed a comprehensive and highly developed set of portfolio skills throughout our business that allows us to plan, design, construct, deliver and sell effectively.


We manage our capital with great care and precision, maximising our returns and allocating effectively.