Housing specialist announces record profits

Partnership housing specialist Lovell has announced record profits in its latest financial results.

In its year-end figures, the firm achieved profits totalling £37.4 million, up 12.7% on the previous year.

The firm, which is part of the Morgan Sindall Group, also saw revenue rise by 22% to nearly £700 million.

And its order book at the year-end was £3.4 billion, representing a 23% improvement on last year’s position.

The East Midlands region has continued to grow significantly during the past 12 months, with Lovell progressing six live developments across the region, completing 115 units and expanding to a team of more than 40 since opening its Derby office last year.

Regional managing director Beth Bundonis said: “2022 has seen us deliver record financial results with strong growth achieved in revenue and profits across the board.

“Throughout both mixed tenure and contracting activities, we’ve increased the volume of units completed to almost 4,000, while also increasing our ongoing portfolio of long-term joint ventures and contracting schemes.

“The year end results are fantastic, especially given the continued turbulence in the UK economy and the wider landscape of construction material shortages, inflationary cost increases and slow planning progression in parts of the UK.

“Our success is undoubtedly testament to the ongoing strength and commitment of the entire Lovell team, our supply chain and our partners who work relentlessly to achieve our ambitions.

“As we enter an even more challenging time for the housing industry, it is pleasing to know that our partnership model offers us some protection from projected market conditions.”