Business

The Irish Times Business Person of the Month: Stephen Garvey

Glenveagh Properties chief announced a doubling in annual revenues and a return to profit for the house builder

Fri Apr 29 2022 - 05:00

Glenveagh Properties chief executive and co-founder Stephen Garvey has been chosen as The Irish Times Business Person of the Month for March, an award run in association with Bank of Ireland.

The listed Irish house builder returned to the black last month, posting a pre-tax profit of €45.7 million for 2021, which marked a major turnaround on the previous year when it recorded a loss of €15.7 million.

Glenveagh’s revenues more than doubled in 2021 to €476.8 million. The company built 1,150 new homes in the 12-month period, a 47 per cent increase on 2020, despite a Government-imposed 13-week lockdown on construction due to Covid-19 restrictions.

Glenveagh sold properties for an average of €308,000 in 2021 against €311,000 the previous year.

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The property company bought 12 new sites last year with space for more than 2,700 homes for a total of €72 million. In a trading update released this week, Glenveagh said it was “on track” to deliver 1,400 suburban homes in 2022 with 80 per cent now sold, signed, or reserved.

The company also intends to launch a further €75 million share buyback programme this year.

In a statement last month, Mr Garvey dubbed the company’s 2021 performance as “excellent”, adding that Glenveagh had dealt with the “challenges of the pandemic” and remained on course to meet its ambition of building 3,000 homes a year.

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