Half Year 2024 Glenveagh Properties PLC Earnings Call Transcript
Key Points
- Completed over 800 units in H1, approaching a third of the full-year target of 2,700 units.
- Improved overall gross margin by 190 basis points, largely driven by the suburban portfolio.
- Signed a third partnership agreement and advanced several other transactions, enhancing growth potential.
- Announced a EUR50 million share buyback program, reflecting strong capital returns to shareholders.
- Forward order book now over EUR1.4 billion, indicating strong future revenue streams.
- Revenue in H1 is lower than in the second half, indicating a reliance on H2 performance.
- Increased net debt expected by year-end due to significant land investments.
- Build cost inflation running between 3% and 4%, adding pressure on margins.
- Dependence on government initiatives and partnerships for future growth, which may introduce uncertainties.
- Potential delays in planning and policy implementation could impact future project timelines.
Please note this conference is being recorded. (Operator Instructions) I will now hand you over to your host, Jack Gorman, Head of IR, to begin today's conference. Please go ahead, sir.
Thank you, Dave, and good morning to everyone on the call. My name is Jack Gorman, I'm Head of IR and Corporate Affairs here at Glenveagh. I'd like to thank you all for taking the time to join us for our conference call and webcast, which relates to our interim 2024 results statements that we released earlier this morning. I'm joined on the call today by our CEO Stephen Garvey; and our CFO, Michael Rice.
In a moment, I'll hand you over to Stephen to begin the presentation. And following that, we'll open up the call to Q&A. I'd also like to draw your attention to the forward-looking statements included at the end of today's presentation. Thank you.
And with that, I'll pass it over to Stephen.
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