Rising operating profit reported as Lovell seeks to build an estimated total of 3,500 homes this year.
Partnership housing specialist Lovell has contributed positively to the results released by Morgan Sindall Group plc for the half year ended 30th June 2019. Morgan Sindall Group delivered profit growth in the first half of 2019 with adjusted operating profit up 18% to £37.5m on revenue of £1,421m.
Lovell has seen an increase of around 40% in operating profit compared to the same period in 2018. The company reports that it has increased investment across the country as it embarks on a period of sustained growth. The company has a combined national forward order book and regeneration and development pipeline of £1.1 billion.
Lovell Managing Director Steve Coleby said: “Our focus for the second half of the year is driving strategic growth in the business. Lovell’s ability to offer such a comprehensive range of solutions in unlocking land has led to our involvement in some of the UK’s most important homes schemes.
“We’re excited to deliver urgently-needed high-quality homes across all tenures and look forward to completing work on an estimated total of 3,500 homes this year.”
Lovell’s seven regions are currently working on a number of key projects across the country including a £42 million development in Priorslee, Telford (pictured) providing a selection of 220 homes, with 165 for open market sale, and 55 affordable properties in partnership with Homes England.
Lovell is part of Morgan Sindall Group plc.