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Glenveagh home completions more than double in first half

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Glenveagh Properties said its home completions and revenue more than doubled in the first half and it reiterated that it is on course to finish 2,600 units for the full year.

The Dublin-listed company’s completions for the first six months of the year rose 114 per cent to 906 units, while its revenue jumped 124 per cent to €341.6 million, it said in a statement on Thursday.

Its gross margin increased to 19.5 per cent from 18.2 per cent, supported by “improved delivery mix, the benefits of standardisation across scale sites, and early returns from investment in off-site manufacturing”, the company said.

Home building completions rose to 566 units from 294 on the year, while homes – mainly apartments – built for the likes of State-backed Approved Housing Bodies and the taxpayer-owned Land Development Authority jumped to 339 units from 130. The partnerships division is currently working on constructing over 3,900 units across six sites.

The group said it continues to focus on capital efficiency and is on track to complete €100 million of land sales across 2025 and 2026 to optimise its land bank. It has also spent €83 million buying shares under an €85 million repurchase programme announced in May. It has extended the limit on the programme to €105 million.

“This is the first interim reporting period where our partnerships segment has made a material contribution to group profit, reflecting the scale and momentum now embedded in that part of the business,” said chief executive Stephen Garvey.

“We are an established partner of choice for the State and continue to see strong demand and a growing pipeline of opportunities. The benefits of our early investment in innovation and standardisation are also now visible in the enhanced margin profile.”

Turning to developments in the market, Mr Garvey said that the Government’s National Development Plan and the renewed focus on infrastructure and planning reform are to be welcomed.

“These are critical enablers of housing delivery. A policy environment that supports viability, accelerates delivery and attracts private capital will be essential to meeting Ireland’s housing needs,” he said. “In parallel, positive policy developments – including updates to rent regulation and apartment standards – further strengthen the prospects for increasing housing output in Ireland.”

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The 8 at 8: Thursday

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GOOD MORNING.

Here’s all the news you need to know as you start the day. 

First Home Scheme

1. Taoiseach Micheál Martin has ruled out the expansion of the First Home Scheme to second-hand homes in this year’s Budget.

Speaking to The Journal in New York, where he is attending the United Nations High Level Week, the Taoiseach confirmed the election promise made by both Fianna Fáil and Fine Gael to extend the scheme won’t feature this year.

Budget 2026

2. Meanwhile, the ESRI has urged the Government to adopt a “tightened fiscal stance” in Budget 2026 and warned that Ireland’s finances may be as vulnerable now as they were in the lead-up to the financial crisis of 2008. 

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Trade relations

3. Tánaiste Simon Harris will travel to Washington DC this evening ahead of a meeting US Secretary of Commerce Howard Lutnick, who has previously described Ireland as his favourite “tax scam”. 

Palestine

4. Palestinian president Mahmoud Abbas will address the United Nations virtually today as the Trump administration, who barred him from attending the General Assembly in person, weighs whether to try to stop Israeli annexation of the West Bank.

Air quality

5. The Environmental Protection Agency has said that Ireland’s air quality is generally good and compliant with EU legal requirements, but it will be harder to meet stricter standards in the future.

Drone incursions

6. Drones flew over multiple airports across Denmark last night and caused one of them to close for hours, just days after a similar incident this week prompted Copenhagen airport to shut

Dallas

7. A detainee was killed and two are in critical condition following a sniper attack on a US Immigration and Customs Enforcement (ICE) facility in Dallas, Texas, officials have said.

House of Guinness

8. English actor James Norton said he “worked hard” on getting his Irish – or more specifically, Dublin – accent right as he prepared to play a key member of Ireland’s most famous business.

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Ireland’s air quality generally good but we’ll struggle to meet future EU limits, EPA says

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IRELAND’S AIR QUALITY is generally good and compliant with EU legal requirements but it will be harder to meet stricter standards in the future, the Environmental Protection Agency has said. 

The EPA published its air quality report for 2024 today, which showed that Ireland is projected to fall short of more stringent air quality standards that are set to come into effect in 2030 under the EU’s Ambient Air Quality Directive.

The EU directive aims to reduce deaths caused by poor air quality, which the EPA report noted does not just affect cities in Ireland, but also towns and villages. 

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The European Environment Agency estimates that more than 1,700 premature deaths are attributable to air pollution in Ireland every year. 

The primary sources of air pollution in Ireland are solid fuel burning and traffic emissions, the EPA report said.   

“Many of us have grown up with the comfort of an open fire and limited alternatives to travelling by car—but these familiar habits contribute to poor air quality,” the EPA’s Pat Byrne said.

“Supporting people to shift towards cleaner heating and more sustainable travel isn’t about giving something up, it’s about gaining healthier air and healthier lives.”

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Government considers financial support for Jaguar Land Rover suppliers after cyber-attack

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Ministers are considering stepping in to support Jaguar Land Rover’s suppliers after the car maker was forced to suspend production after a cyber-attack.

The attack at the end of August meant JLR was forced to shut down its IT networks. Its factories remain suspended until next month at the earliest.

Fears are growing that some suppliers, in particular the smaller firms who solely rely on JLR’s business, could go bust without support.

One idea being explored is the government buying the component parts the suppliers build, to keep them in business until JLR’s production lines are up and running again.

JLR would normally expect to build more than 1,000 cars a day at its three factories in Solihull and Wolverhampton in West Midlands, and Halewood in Merseyside.

However, workers were sent home following the hack – which first came to light on 1 September – with no firm return date.

An investigation is under way into the cyber attack on JLR, which is believed to be costing the company at least £50m a week in lost production.

The company confirmed this week that its factories will not resume operations until at least 1 October, with earlier reports suggesting the disruption could last into November.

Unions had called for a Covid-style furlough scheme, but ministers have ruled this out given its likely cost, sources have told the BBC.

Another option being considered is providing government-backed loans to suppliers, though this is understood to be unpopular with suppliers.

The purchase and stockpiling of car parts by the government is also an option on the table, but this would present considerable logistical challenges.

JLR’s manufacturing process relies on the right part arriving at the right place, at the right time.

However, industry experts agree doing nothing risks firms in the supply chain, which employs tens of thousands of workers, facing bankruptcy.

The firm, which is owned by India’s Tata Motors, also has large factories in Slovakia and China, as well as a smaller facility in India – which have also been affected by the shutdown.

The Business and Trade Select Committee is due to meet on Thursday afternoon to hear testimonies from businesses in JLR’s supply chain because of deep concern for some of these businesses to remain viable.

This evidence will be shared with the government afterwards.

Senior government figures are concerned about a pattern of cyber attacks on UK institutions and businesses, such as the British Library, Marks & Spencer, and the Co-op.

A group calling itself Scattered Lapsus$ Hunters has claimed responsibility for the hack on JLR, Marks & Spencer, and Co-op.

Since the attack, JLR has been receiving support from the National Cyber Security Centre and the National Crime Agency.

About 30,000 people are directly employed at the company’s plants with a further 100,000 working in the firm’s supply chain.

On Tuesday, the business secretary and industry minister visited the West Midlands for the first time since the incident to meet JLR and the firms in its supply chain.

Speaking during the visit to JLR’s roof supplier, Webasto, in Sutton Coldfield, Industry Minister Chris McDonald said it was “really important that we don’t impose solutions on businesses but that we work with them”.

The Department for Business and Trade said ministers had discussed “the impacts of the cyber incident and how JLR can work towards restarting production”.

In its most recent statement, JLR said: “Our focus remains on supporting our customers, suppliers, colleagues, and our retailers, who remain open.”

Additional reporting by Pritti Mistry

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