Lovell continues to be a partner of choice for clients delivering both mixed tenure and contracting schemes across the country. With half year operating profits totalling £10.1m, these results have bolstered the overall performance of parent company Morgan Sindall Group plc, whose half year results were published this morning.
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% up to £1,935m while adjusted profit before tax increased 10% 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% on the year-end position, and which spans a number of sectors across the built environment.
Despite continued economic turbulence, Lovell has delivered a resilient performance benefiting from its partnership model. Lovell has reported revenue of £373m (HY 2022: £284m) and operating profit of £10.1m (HY 2022: £13.9m). The secured order book at the period end is up 27% on the prior year at £2.074m.
Lovell regional managing director Paul Challinor says: “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.”
Lovell is working on key projects including: Saxon Square, the final phase of the landmark 264-acre Miles Platting Lovell development in East Manchester, has started on site to deliver 28 townhouses.
Once complete, Lovell will have delivered more than 600 new homes and refurbished more than 1,500 council properties at Miles Platting.
To view the Morgan Sindall Group plc half year results video, click here
