StockMarketWire.com - Irish homebuilder Glenveagh Properties swung to a first-half profit following a jump in completion amid a recovery in homebuilding activity.

For the period ended 30 June 2021, pre-tax profit was €2.6 million compared with a loss of €27.3 million a year earlier as revenue jumped 245% to €127.5 million.

Completions were up 162% to 322.

'As anticipated, the weighting towards closings in H1 has improved in 2021 with nearly 30% of our full year unit target closing in H1. This compares very favourably to 18% and 19% in 2020 and 2019 respectively,' the company said.

'Despite the major headwinds caused by Covid-19, we have returned to profitability and increased our output. We have sold, signed, or reserved the 1,150 homes that we expect to deliver this year with a further 300 homes already reserved for next year,' it added.




Story provided by StockMarketWire.com