Record profits for Lovell

Partnership housing specialist Lovell has announced a record performance in year end figures published today (February 23) with profits totalling £37.4 million, up 12.7% on last year.

Lovell saw revenue up 22% to nearly £700 million (FY 2021: £572 million) and a Return on Capital Employed of 19%. The secured order book at the year end was £3.4 billion, a 23% improvement on last year.

Lovell is part of the Morgan Sindall Group which also announced record results today with revenue up by 12% to £3,612 million while adjusted profit before tax – before an exceptional building safety charge of £48.9 million and intangible amortisation of £2 million – is up 7% to £136.2 million. The group’s balance sheet shows net cash of £355 million, and the group has a secured workload of £8.5 billion.

Lovell managing director, Steve Coleby 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 (YE 2021: 3,000) whilst also increasing our ongoing portfolio of long-term joint ventures and contracting schemes.

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