Record profits for Lovell
Partnership housing specialist Lovell, which is building homes in the Black Country, Shropshire and Staffordshire, has revealed record financial results for last year.
Operating profit totalled £37.4 million – up 12.7 per cent on 2021.
It made a significant contribution to the overall performance of parent company Morgan Sindall Group which delivered a strong performance in 2022. Group revenue increased 12 per cent to £3.61 billion while adjusted profit before tax increased seven per cent to £136.2m.
Lovell's revenue was up 22 per cent to nearly £700m and the secured order book at the year-end was £3.4bn, representing a 23 per cent improvement on last year’s position.
Lovell regional managing director for the Midlands, Stuart Penn, said: “2022 has seen us deliver record financial results with strong growth achieved in revenue and profits across the board. Throughout both mixed tenure and contracting activities, we’ve increased the volume of units completed to almost 4,000 whilst also increasing our ongoing portfolio of long-term joint ventures and contracting schemes.
“The year end results are fantastic, especially given the continued turbulence in the UK economy and the wider landscape of construction material shortages, inflationary cost increases and slow planning progression in parts of the UK. Our success is undoubtedly testament to the ongoing strength and commitment of the entire Lovell team, our supply chain and our partners who work relentlessly to achieve our ambitions.
“As we enter an even more challenging time for the housing industry, it is pleasing to know that our partnership model offers us some protection from projected market conditions.”
Lovell is working on key projects including Wild Walk in Telford, which leads the way as a multi-tenure, multi-generational sustainable housing scheme, alongside partners Nuplace and the Wrekin Housing Group.
It also has active sites at Lockside, Walsall; The Junction, Oldbury and Tixall View, Stafford.
