Lovell Homes achieves £13.9m profit in first six months of 2022
- Credit: Archant
An East Anglian housing company has made £13.9m profit in the first half of this year, a rise of 15pc on the same period last year.
Lovell Homes, which is part of Morgan Sindall Group plc, increased its revenue by 9pc up to £1,698m and adjusted operating profit rose by 4pc to £56.9m.
Following its first half year results, the firm is now expecting to deliver a result for the full year which is slightly ahead of our previous expectations.
Simon Medler, regional managing director at Lovell Homes, said: “Our strong half year results are testament to the ongoing hard work and commitment of the entire Lovell team, our supply chain and our cherished partnerships.
"Together, we are helping deliver thousands of much needed new homes across the UK.
“The first half of the year has seen strong demand for high quality, affordable homes whilst our trusted partner status has also helped enhance our order book.
"We are in a strong position for further growth this year and look forward to building on and forging new partnerships as we continue to deliver the homes of the future.
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“Sustainability remains a priority, and we are making great progress towards our target of being carbon neutral by 2030.”
Lovell Homes specialises in partnership housing - building affordable properties - and has a number of projects underway in Suffolk and Norfolk.
It has been selected by Suffolk County Council as their joint venture partner to deliver around 2,800 homes across Lowestoft, Mildenhall, Bramford, West Row and Newmarket.
The company has also building a 60 home development at Stradbroke in Suffolk, with the first homes expected in spring 2023.
In Norfolk, Lovell is working with Saffron Housing Trust on a new 90 home site on former Wymondham Rugby Club land, which will consist of 29 shared ownership and 61 affordable rent properties.
Their profits come despite the challenges facing the industry at the moment, with fewer houses generally being built.