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Lovell assists Morgan Sindall Group’s results

Lovell has contributed to half year results released today (8 August 2018) for the six months to 30 June 2018, by parent company Morgan Sindall Group plc, the construction and regeneration group.

Morgan Sindall Group has delivered profit growth in the first half of this year with adjusted operating profit up 28% to £31.9m (HY 2017: £24.9m) on revenue of £1,423m (HY 2017: £1,307m), a 9% increase on the previous half year. The Group reports an order book of £3,604m with adjusted earnings per share up 28% for the period to 55.6p (HY 2017: 43.6p). The interim dividend has been increased by 19% to 19.0p (HY 2017: 16.0p) with the Group confident of a strong performance for the second half of 2018.

Key projects include:

  • A £250 million contract for the Ministry of Defence (MOD) which is delivering 917 new homes for troops and their families relocating from Germany to Salisbury Plain in South Wiltshire as part of the Army Basing Programme (ABP).
  • A £45 million joint venture project with Homes England at Altcar Lane, Leyland, Lancashire, by which Lovell will build 200 new homes through Accelerated Construction Programme. Lovell aims to secure planning permission later this year and start work by the end of 2018. In the North West, Lovell has also recently been selected by Liverpool City Council’s new housing company Foundations to build the first homes set to be delivered through Foundations’ major new-build programme.
  • The Mill, Canton: an award-winning £100 million new urban village in West Cardiff. The development’s 800 homes will comprise 358 homes for open market sale by Lovell and 442 homes for rent which will be managed by Cadwyn Housing Association for Tirion Homes. The scheme is going ahead with the support of the Welsh Government and financial backing from the Principality Building Society, and is being developed by Tirion in partnership with Lovell.
  • A £30 million residential development in Doncaster, south Yorkshire. Construction has begun on 147 two-, three- and four-bedroom homes, nearly all of which will be for open market sale, at the Doncaster Lakeside site.
  • Lochside Grange: a £25 million development of 133 homes in Kinghorn, Fife, being delivered in partnership with Kingdom Housing Association and Fife Council. Construction began last summer on the scheme which will create 113 homes for open market sale by Lovell; ten homes for low-cost home ownership for Fife Council and 10 homes for social rent for Kingdom Housing Association.
  • A £500 million major estate regeneration programme in Woolwich, south-east London in partnership with PA Housing and the Royal Borough of Greenwich. The scheme is transforming three local housing estates with 1,500 new homes: 1,000 properties for open market sale and 500 affordable homes.
  • Queensbury Park, a £41 million development for Homes England at Priorslee, Telford, which will create 220 homes, including homes for open market sale and affordable homes. Construction work started in February 2018.
  • Heath Farm, Holt, North Norfolk: a £58.6 million development of 162 open market sale homes and 51 affordable homes for affordable rent and shared ownership through Victory Housing Trust.

Lovell managing director Steve Coleby says: “Boosting housing supply and helping more people into home ownership continue to be national priorities for Lovell. Our strong record of working with housing association and local authority partners to answer the demand for new homes and unlock land for development means we are well placed to help bring forward quality homes available to people across a range of incomes in the places where they are most needed. This is reflected in the company’s combined national forward order book and regeneration and development pipeline which is now worth over £1.16 billion.”