Positive half year Results for Lovell

Lovell has announced that revenue has increased by 53% compared to the previous 2020 results and have made an “important contribution” to parent company Morgan Sindall’s half year results.

The housebuilder has seen “high levels of market demand”, with revenue reaching £270m which was a 14% increase on 2020 data. Alongside this, operating profit increased by 89% at £12.1m, which was mainly due to operational improvements and higher mixed tenure revenue.

Lovell have continued joint ventures with Walsall Housing Group, Trafford Housing Group, Hertfordshire County Council, Abri, Together Housing Group, Flagship Housing Group, Riverside and West Sussex Country Council, with a secured order book of £1,478m, a 2% improvement from the previous year.

815 units, including a mix of open market sales and social housing have been completed during the period and Lovell’s average selling price has increased from £217,000 – £232,000.

Overall, it has been a positive half year for Lovell and Construction group Morgan Sindall, with results “substantially ahead” of 2019 levels and revenue up to £1,559m and operating profit reaching £54.8m for Morgan Sindall.

Steve Coleby, Lovell’s md, commented: “Our half year results reflect the continued hard work and commitment of the entire Lovell team in the delivery of partnership homes.  With the addition of several more strategic partnerships we have increased our order book and created a great platform for further growth.”