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Lovell posts improved results from renewed momentum in the business; contributing to the 2019 half year results announced by Morgan Sindall Group plc

Lovell has contributed positively to the results released today by Morgan Sindall Group plc for the half year ended 30th June 2019.

Morgan Sindall Group has delivered strong profit growth in the first half of this year with adjusted operating profit up 18% to £37.5m (HY 2018: £31.9m) on revenue of £1,421m (HY 2018: £1,423m). The Group reports a secured order book of £4.2bn, up 19% from the year end, with the regeneration and development pipeline now £3.3bn, up 6% from the year end position. With adjusted earnings per share up 15% for the period to 64.2p (HY 2018: 55.6p), and interim dividend up 11% to 21.0p (HY 2018: 19.0p), the Group is confident of a strong performance for the second half of 2019.

Lovell has seen a c40% increase in operating profit compared to the same period in 2018.  The company has increased investment across the country as the business embarks on a period of sustained growth and this has resulted in 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 3500 homes this year.”

Lovell’s seven regions are currently working on a number of key projects across the country including:

  1. A £100 million urban village in Cardiff creating a brand-new sustainable community of 800 houses and apartments with the Tirion Group and Cadwyn Housing Association. The first phase is creating 358 homes for open market sale by Lovell and 102 for Tirion which will be for discounted rent, open market rent and social rent.
  2. King’s Lynn will see the £49 million design and construction of 273 homes as part of a large-scale development programme with the Borough Council of King’s Lynn and West Norfolk.
  3. A £42 million development in Priorslee, Telford, providing a selection of 220 homes, with 165 for open market sale, and 55 affordable properties in partnership with Homes England.
  4. On Salisbury Plain Training Area, a £250 million project in partnership with the Defence Infrastructure Organisation is currently underway, providing 917 Service Family homes and associated infrastructure across three sites at Larkhill, Bulford and Ludgershall in support of the Army Basing Programme which includes 4000 personnel and their families returning to the UK from bases in Germany.
  5. The ongoing transformation of Miles Platting in Manchester where, following the earlier refurbishment of 1,520 council properties by Lovell for the Renaissance PFI Consortium, Lovell now continues to deliver its £150 million project of 1,000 new houses and apartments to create a thriving urban village of families and professionals.