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Homebuilder Glenveagh Properties swung to an annual loss as the pandemic weighed on homebuilding activity resulting in asset writedowns.
For the year ended 31 December 2020, the company reported a pre-tax loss of of €15.7 million, compared with a profit of €26.7 million year-on-year as revenue fell 19% to €232 million.
Three non-core assets suited to higher average selling price product on which construction had not commenced led to cut-price sales, resulting in an impairment charge of €20.3 million, which was recognised in cost of sales in the financial year.
Looking ahead, the company is targeting 1,150 completions for 2021, up from 700 in 2020. Further guidance is expected at the company's AGM on 27 May.
'Demand for housing from our customers (private, institutional, and state agencies) continues to be strong and market fundamentals are in the Group's favour, more so now than in prior periods,' the company said.
At 9:34am: (LON:GLV) Glenveagh Properties Plc share price was 0p at 0.83p