Homebuilder Glenveagh posts rising revenue while warning of labour shortage challenges
Irish homebuilder Glenveagh Properties has reported rising revenue, up more than a third compared to pre-pandemic levels, as it warns of labour challenges ahead.
The residential developer posted a total revenue of €476m for the year ended 31 December 2021, a 64 per cent jump on 2020’s figure.
Revenue was also up 36 per cent on 2019 levels, with a total of 1,150 homes completed in the period despite a lockdown earlier in the year.
The firm reported a total forward order book of approximately €415 million, with 1,105 suburban and urban units and remaining revenue from a 262-bedroom Premier Inn hotel.
In a trading update posted on Wednesday, CEO Stephen Garvey warned the impact of on-site labour shortages would be the next “key challenge” for the sector.
He added: “Our ongoing investment in supply chain integration positions us well in this regard. Having delivered over 700 units from our timber frame factory in 2021, we will continue to prioritise our off-site manufacturing capability to enable us to innovate how we build the homes of the future.”