Glenveagh Properties PLC Trading Statement (4533B)
June 07 2019 - 1:00AM
UK Regulatory
TIDMGLV
RNS Number : 4533B
Glenveagh Properties PLC
07 June 2019
Glenveagh Properties PLC
7 June 2019
AGM Trading Statement
Dublin/London, 7 June 2019: Glenveagh Properties PLC
("Glenveagh" or the "Group") a leading Irish homebuilder listed on
Euronext Dublin and the London Stock Exchange is holding its AGM
today at 10 a.m. at the Intercontinental Hotel, Ballsbridge, Dublin
4. This statement comments on the Group's year-to-date trading and
outlook for 2019.
Highlights
-- The Group's year-to-date performance is in line with the
Board's expectations and consistent with its strategy.
-- All units associated with the Group's 2019 delivery target of
725 are now sold, signed or reserved with the exception of the 90
unit Herbert Hill apartment scheme where a preferred bulk sale
process is expected to complete in H2 2019.
-- Two further development land purchases for EUR24m announced
today capable of delivering 375 units.
Justin Bickle, Co-Founder & Chief Executive Commented:
"Glenveagh continued to perform well during the period and has
delivered strong progress towards its 2019 targets. Our objective
was to secure signings and reservations in the first half of the
year with the majority of closings occurring in the second half.
The strong reservation rate year-to-date demonstrates we are
delivering product where it is most needed and has been welcomed by
private buyers and institutional investors."
Trading Update
Land: Acquisitions and Market Conditions
The Group has strategically added to its development land
portfolio in the period via two further attractive off-market
acquisitions in Howth, Co. Dublin and Bray, Co. Wicklow for a
combined consideration of c.EUR24m. These sites are capable of
delivering 200 and 175 units respectively.
Construction Activity
Glenveagh is now actively building houses and apartments on 16
sites following site openings in the current year at Maryborough
Ridge, Leixlip and Ledwill Park. Further site openings are
scheduled for H2 2019.
Reservations and Sales
Reservation numbers are benefitting from the Group's strategy of
increasing the number of open sales outlets to optimise the
quantity of sold units from each site and reduce individual site
dependency.
The Group has seen strong private buyer interest and sales for
its starter-home schemes in the spring selling season. Open sales
outlets now total 12 with strong absorption rates at existing
schemes, while new launches are also performing well with robust
private buyer demand experienced at each of Semple Woods, Blackrock
Villas and Ledwill Park.
Outlook
The Board is confident that full year results will be in line
with its expectations.
Note to Editors
Glenveagh Properties PLC is a leading Irish homebuilder listed
on Euronext Dublin and the London Stock Exchange. With a focus on
strategically located developments in the Greater Dublin Area,
Cork, Limerick and Galway, the Group comprises two complementary
divisions, Glenveagh Homes and Glenveagh Living.
Glenveagh Homes delivers high quality starter homes to its
private and institutional customers with selective developments of
mid-size and executive houses and apartments in areas of high
demand.
The PRS business of Glenveagh Living delivers large-scale
private rental product for institutional investors while its
Partnerships business focusses on mixed-tenure and joint venture
opportunities with the public sector in Ireland.
www.glenveagh.ie
ENDS
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END
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