The Irish-listed house builder recorded a pre-tax profit of €1m in the first six months of the year, down 29pc from the same time in 2023.
Total revenue was down 11pc in the period to €152.2m.
Revenue from the company’s suburban division was €102.2m in the first half, down from €109.7m, while urban revenue fell to €17.7m from €61.9m a year earlier.
The company said that 90pc of revenue from the completion of urban units in the first half had already been recognised in prior periods.
Glenveagh also recorded revenue in its partnerships division for the first time.
This division focuses on the construction of housing developments in partnership with public bodies.
Gross margin rose to 18.2pc, up from 16.3pc in the first half of 2023.
More than 800 units of the total full-year target of 2,700 were completed in the first six months of the year, Glenveagh reported.
This was up from 333 units completed at the same point in 2023.
The company’s current closed and forward orderbook rose to around €1.4bn in period.
The closed and forward order book of Glenveagh’s suburban business comprised of over 2,215 units which are expected to be completed this year or early next year. This order book was valued at around €770m at the end of June.
Around 294 suburban units were completed in the six-month period, with Glenveagh pointing to an acceleration in completions in July and August.
The urban division recorded 510 completions from existing forward fund transactions. An agreement to commence construction of a portfolio in the Cork Docklands is subject to final legal agreement, the company said.
Glenveagh also reported that its partnerships division is expected to grow to four sites, with these four contracts set to add around 1,000 units to the partnerships pipeline from next year onwards.
Planning permission has been granted for around 1,500 units so far this year, with permission for over 95pc of planned construction for next year already granted.
The company also pointed some inflationary pressures linked to raw material and labour in the first half.
Net debt rose to €244m from €182.2m last year. This increase followed a rise in work-in-progress investment.
The company expects earnings per share (EPS) to more than double to 17 cent this year, up from 8 cent in 2023.
It added that it is exploring a number of land investments in “highly attractive locations.” These investments could provide more than 6,000 new units, Glenveagh reported.
Glenveagh has also launched a €50m share buyback programme.
Chief executive Stephen Garvey welcomed Government initiatives targeted at the sector.
“The momentum we’ve seen in new home commencements and the growing output across the industry are promising indicators that Ireland can achieve the necessary increase in housing supply,” he said.
“Yet, as we aim to scale our activities further, collaboration between the public and private sectors remains key.”
The company also announced that chief financial officer and executive director Michael Rice plans to step down from the board at the end of the year. He will remain with the company into next year to ensure a smooth transition.
Conor Murtagh, who is currently chief strategy officer, has been appointed to the CFO role.