Housebuilder Lovell celebrates half-year operating profits of over £10m
House developer Lovell has revealed half-year operating profits of £10.1m.
The results bolstered the overall performance of parent company Morgan Sindall Group plc as the company revealed its latest half-year results.
The group delivered a record performance in the first half of 2023, driven mainly by a strong performance from the Fit Out division.
Group revenue increased by 14 per cent up to £1.94bn while adjusted profit before tax increased 10 per cent to £59.8m.
In addition, the group’s balance sheet remains strong, with net cash at the period end of £263m.
The positive momentum across the group is driven by a high-quality and substantial order book of £9.1bn, up 7 per cent on the year-end position, and which spans a number of sectors across the built environment.
Despite continued economic turbulence, Lovell, whose schemes include Wild Walk in Telford and also builds homes in the Black Country and Staffordshire, delivered a resilient performance benefitting from its partnership model.
It reported revenue of £373m, up from £284m last year and operating profit of £10.1m.
Its secured order book at the period end is up 27 per cent on the prior year at £2.1bn.
Lovell regional managing director Stuart Penn said: “This is a time of real opportunity for Lovell.
"More than ever, we are supporting our partners through our flexibility, innovation and strength and we must remain focused on the delivery of homes that will shape future communities.
“The announcement from Homes England earlier in the summer, confirming its support of both replacement and regeneration schemes, is welcome news.
"Not only will this unlock a large number of regeneration schemes, it also paves the way for further investment in construction jobs and wider social value projects.
"As we continue to navigate challenging trading conditions, it is testament to our loyal and talented teams, that we continue to deliver quality homes, working collaboratively with our partners.”
