Housebuilder posts £13.9m profit as parent company enjoys record six months
Partnership housing specialist Lovell generated profits of £13.9m in the first six months of 2022 – an increase of 15% on last year’s figure.
In doing so, the company – part of Morgan Sindall Group – made a “significant” contribution to its parent company’s record performance, which saw its operating profits increase by 4% to £56.9m.
Morgan Sindall now expects its full year results to come in slightly ahead of expectations, in no small part due to the contribution of Lovell, which opened an East Midlands office on Pride Park, Derby, in December.
Lovell also saw its revenue rise by 5% to £284m during the period.
The company’s regional managing director Robert Adams said: “Our strong half year results are testament to the ongoing hard work and commitment of the entire Lovell team, our supply chain and our cherished partnerships. Together, we are helping deliver thousands of much needed new homes across the UK.
“The first half of the year has seen strong demand for high quality, affordable homes whilst our trusted partner status has also helped enhance our order book. We are in a strong position for further growth this year and look forward to building on and forging new partnerships as we continue to deliver the homes of the future.
“Sustainability remains a priority, and we are making great progress towards our target of being carbon neutral by 2030.”
In June, Lovell’s regional commercial director Beth Budonis told TheBusinessDesk.com that the firm is looking to replicate the success of its West Midlands operation in the East Midlands.
She said: “We aim to run on a par with West Midlands in five years time. The East Midlands is a very different region to the West Midlands, but we’ve got to strive for it – we’re going to make this business successful.”