<p><span>Lovell’s operating profit rose 15% to £13.9 million during its half year against the equivalent period in 2021, with the partnerships housebuilder making a “significant contribution” to parent company Morgan Sindall’s results.</span></p> <p><span>During the six months to June 30 2022, Lovell’s revenue rose 5% to £284 million. Its operating margin improved to 4.9% from HY 2021’s 4.5%.</span></p> <p><span>The business completed 755 mixed-tenure units, down from 815 during the prior year period. At the same time, the average number of open market units per site rose to 169 at the half year end, from last year’s 122. Lovell said this was in line with its strategy to increase the size of its mixed-tenure sites.</span></p> <p><span>It also said it had been working on key projects, including Royal Victoria Court in Newport, a regeneration scheme on the former Whiteheads steelworks of 50% affordable housing which is underway. The housebuilder has also been selected </span><span>by </span><span>Suffolk County Council</span><span> as its joint venture partner to deliver around 2,800 homes across Lowestoft, Mildenhall, Bramford, West Row and Newmarket.</span></p> <p><span>Lovell signed the government’s developer pledge letter in April. Construction and regeneration group Morgan Sindall said that the inclusion of its regeneration arm, Muse Developments, in the pledge …