PARTNERSHIP housing specialist Lovell has announced today that it has delivered its most profitable year in the company’s history.
Figures reported this morning by parent company Morgan Sindall Group plc reveal that Lovell has doubled its profit compared to 2020.
Lovell appeared to make significant operational progress, with revenue for the year up 21% to £572m (FY 2020: £474m).
Operating profit increased, more than doubling to £33.2m, an increase of 108% (FY 2020: £16.0m).
The operating margin increased to 5.8%, up from 3.4% supported by the higher mixed-tenure and contracting revenue as well as benefitting from continued operational efficiencies.
The secured order book at the year-end was £1,498m, an increase of 4% on the prior year end (FY 2020: £1,445m).
Lovell regional managing director, Kevin McColgan says: “Throughout the last two years, in the face of extremely challenging trading conditions, we have been relentless in our ambition to work with our partners to build the nation’s much needed homes.
“While our financial performance has exceeded previous results, it is the strength and unity of our team that must be acknowledged for the successful delivery of over 3,000 homes nationwide.
“We are in great shape, forming long term partnerships with other like-minded organisations and building on our reputation as a trusted and agile business.
“In just the last few weeks we have completed the handover of our Claish Farm development near Stirling and are thrilled to have received planning consent for our new development, Glow Garren in Hamilton.
“The site which was previously the Philips Lighting factory will now compose of 123 private and 40 affordable new homes.
“We are looking forward to starting on site this April, with first units ready by the end of this year.
“As we enter a new phase in our growth strategy, we remain entirely focused on working in partnership to build many more high quality, affordable homes.”
