Partnership housing specialist Lovell has delivered the most profitable year in the company’s history.
Figures reported by parent company Morgan Sindall Group plc, the construction and regeneration specialist, reveal that Lovell has doubled its profit compared to 2020.
Group 2021 revenue rose six per cent, delivering an adjusted operating profit of £131.3 million on revenue of £3.2 billion. The group reported a secured order book of £8.6bn, up four per cent on the year end.
With a strong balance sheet and net cash of £358m, the group is confident of achieving another good year of progress in 2022.
Lovell had a very strong year, with significant strategic and operational progress made. Revenue for the year was up 21 per cent to £572m. Operating profit more than doubled to £33.2m.
The secured order book at the year-end was £1.498bn, an increase of four per cent on the prior year end.
Lovell regional managing director for the Eastern Region, Simon Medler says: “Throughout the last two years, in the face of extremely challenging trading conditions, we have been relentless in our ambition to work with our partners to build the nation’s much needed homes.
“While our financial performance has exceeded previous results, it is the strength and unity of our team, that must be acknowledged for the successful delivery of over 3000 homes nationwide.
“We are in great shape, and we go from strength to strength, forming long term partnerships with other like-minded organisations, building on our reputation as a trusted and agile business.
“Next month we will be launching new show homes and marketing suites at Bowlers Green at Hopton, a new development of 200 dwellings, delivered through the partnership with Repton Property Developments, along with Nar Valley Park with the Borough Council of King’s Lynn and West Norfolk, which will deliver 105 new mixed tenure homes.
“The East Anglia region has also recently been selected as preferred bidder by Suffolk County Council to form a strategic joint venture to develop nearly 3,000 much-needed homes in the county on council land.”
Lovell in East Anglia projects include:-
- St Edmund’s Park, Acle – A development of 137 dwellings with the marketing suite now open on site
- William’s Park, Wymondham _ Lovell’s joint venture with leading local housing provider, Flagship Homes, comprising 333 mixed-tenure homes
- The Acorns, Walsham le Willows – 60 homes in the Suffolk village with some shared ownership with Havebury Housing Partnership.
Projects coming soon include new developments in Stradbroke, Hunstanton and Harleston.