Lovell posts record profits amid ‘relentless ambition’
Partnership housing specialist Lovell, which recently opened a Derby office, has announced record profits.
Figures reported by parent company Morgan Sindall Group, the construction and regeneration group, reveal that Lovell has doubled its profit compared to 2020.
Group revenue rose 6% from 2020, delivering an adjusted operating profit of £131.3m (FY 2020: £68.5m) on revenue of £3.2bn (FY 2020: £3n). The group reported a secured order book of £8.6bn, up 4% on the year end.
Revenue at Lovell for the year was up 21% to £572m (FY 2020: £474m). Operating profit increased substantially, more than doubling to £33.2m, an increase of 108% (FY 2020: £16m).
The secured order book at the year-end was almost £1.5bn an increase of 4%.
Lovell regional managing director, Stuart Penn said: “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. In just the last few weeks we have opened our office in Derby, which gives us even greater geographical reach and nationwide capability.
“The future is incredibly bright for Lovell and as we enter a new phase in our growth strategy, we remain entirely focused on working in partnership to build many more high quality, affordable homes.”
