Thursday, September 29 2022

Partnership housing specialist Lovell has announced that it has achieved its most profitable year in the company’s history.

Figures reported this morning by parent company Morgan Sindall Group plc, the construction and regeneration group, reveal that Lovell has doubled its profit from 2020.

2021 has been an excellent year for the Group, with record results. Group revenues increased by 6% compared to 2020, generating adjusted operating profit of £131.3 million (full year 2020: £68.5 million) on revenues of £3.2 billion. pounds sterling (financial year 2020: £3.0 billion). The group announced a secure order book of £8.6 billion, up 4% from the end of the year. With a strong balance sheet and net cash of £358m (full year 2020: £333m), the Group is confident of delivering another good year of progress in 2022.

Lovell had a very good year, with significant strategic and operational progress. Revenue for the year increased by 21% to £572m (FY 2020: £474m). Operating profit increased significantly, more than doubling to £33.2m, an increase of 108% (FY 2020: £16.0m). Operating margin increased to 5.8% from 3.4%, supported by higher mixed and contract occupancy revenues, as well as continued operational efficiencies.

The secured order backlog at the end of the year was £1,498 million, an increase of 4% compared to the end of the previous year (financial year 2020: £1,445 million).

Lovell Regional Managing Director, Andrew Johnston, said: “Over the past two years, in the face of extremely difficult trading conditions, we have been relentless in our ambition to work with our partners to build the homes the country has so desperately needed. need. Although our financial performance exceeded previous results, it is the strength and unity of our team that must be recognized for the successful delivery of over 3000 homes across the country.

“We are in great shape and getting better and better, forming long-term partnerships with other like-minded organizations, building on our reputation as a reliable and nimble company. We have new large-scale strategic partnerships to be announced shortly and, coupled with the opening of our office in Exeter, will give us even greater geographic reach and national capability.

“The future is incredibly bright for Lovell and as we enter a new phase in our growth strategy, we remain fully focused on working in partnership to build many more high quality affordable homes.”

Lovell’s major projects in the south include: work on the Littlemoor Road development in Weymouth. A joint venture with Abri that will provide 500 new homes over the next nine years. The value of the project is £127 million. The site has general consent and a request for reserved questions has been submitted.

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