More than 800 units of the 2,700 full-year target were completed in the first six months of the year, according to a trading statement published by the company today.
This reflected a sharp uptick in activity, with just 333 units completed at this point in 2023.
The company’s current closed and forward orderbook rose to around €1.17bn in period.
The closed and forward order book of Glenveagh’s suburban business comprised of over 2,000 units and was valued at around €710m at the end of June.
Around 294 suburban units were completed in the six-month period as a result of scheduling, with some of these closings occurring in the third quarter of the year.
The urban division recorded 510 completions from existing forward fund transactions, while revenue from housing developments in partnership with public bodies was in line with expectations.
These partnership sites, which include over 2,000 units, are now operating at scale, Glenveagh reported.
Revenue and profits from this segment are expected to grow in the second half following strong progress at these locations, with a third contract subject to final legal agreement.
Glenveagh is also in discussions for a fourth contract. If both of these agreements are confirmed, the housebuilder expects to add around 1,000 units to its existing partnerships pipeline.
Planning permission was granted for around 1,300 units in the first six months of the year, with permission for over 95pc of planned construction for next year already granted.
Net debt rose to around €250m from €182m this time last year. This increase followed a rise in work-in-progress investment which is expected to unwind as the number of completions increases in the next six months.
The company expects earnings per share (EPS) to more than double to 17 cent this year, up from 8 cent in 2023.
It added that it is exploring a number of “significant” land transactions in “highly attractive locations that are fully aligned with the ambitions of national and regional planning policy.”
Chief executive Stephen Garvey added that the company is on track to meet objectives this year, pointing to “momentum” following the initiatives introduced by the Government.
“We know the enormous potential there is for advancing quality housing delivery through collaborative State and private sector projects, working in tandem with shared objectives, and the collective deployment of resources and capital,” he said.
