- Irish homebuilder Glenveagh Properties slashed losses on a jump in revenues amid strong demand from first time buyers.

For the year ended 31 December 2018, pre-tax losses narrowed to €3.9m from €51.2m a year earlier and revenues jumped to about €84m from €1.4m a year earlier.

The group sold 275 units, which generated about €79.0m, exceeding target to sell 250 units for an average selling price of €287,000 amid strong from first-time buyers.

The group's gross profit for the year amounted to €15.3m, with a corresponding gross margin of 18.2%, demonstrating that 'the group's target of 20% gross margin in 2020 is achievable,' the company said.

'2018 was a very strong execution year at Glenveagh. We were delighted to exceed our key targets, selling 275 homes in our first full year's trading, against our 250 goal, and continued to add new sites to our attractive and flexible land portfolio,' said Glenveagh's Co-Founder and CEO Justin Bickle.

'Glenveagh's market backdrop remains very favourable with significant demand for housing, particularly starter-homes.' 'With a significant portion of our costs agreed and 451 units sold, signed or reserved, we have strong visibility on delivering our unit guidance of 725 for the period. We remain on track to deploy the remaining €90 million share placing proceeds.'

At 8:53am: [LON:GLV] Glenveagh Properties Plc share price was +0.03p at 0.87p

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