Housing specialist predicts bright future

Partnerships housing specialist Lovell has made a positive contribution to its parent company’s record annual results.

For the year ended 31 December, revenue at construction and regeneration group Morgan Sindall increased by 14% to £4.11 billion, while adjusted operating profit before tax was up six per cent to £144.6 million.

Revenue across Lovell Partnerships was up by 20% in the year to £838 million, with an operating profit of £30.5 million alongside a return on capital employed of 12%.

The business completed 480 and 287 homes in the West and East Midlands, respectively.

Lovell is working on a number of key projects in the East Midlands, including the ongoing Castleward joint venture with Compendium Living, which is providing hundreds of homes and apartments.

With phase three of the scheme constructed and almost fully sold, phase four has secured planning and will be underway in the coming months.

Beth Bundonis, regional managing director for the East Midlands, said: “The future is bright for Lovell in the East Midlands.

“Looking to the year ahead, we will continue this excellent momentum across the multiple developments currently underway to bring forth hundreds of new homes where they are most needed.

“Our refurbishment service is set to strengthen even further too, helping our partners make the best use of their existing property portfolios through redevelopment and repurposing spaces – all working towards creating more sustainable homes for the benefit of both residents and the environment.”