Developer Lovell posted increased revenue and profits showing a strong position for continued growth, in Morgan Sindall’s half year results.
Revenues rose modestly, up two per cent to £381 million (HY2023: £373 million) in the six months to June 2024.
Operating profits rose 16 per cent to £11.7 million over the period, as contracting activity increased by 21 per cent.
The Morgan Sindall owned firm secured and pipeline workload increased in recent years, through geographic expansion and ambition to grow the size of multi-tenure sites.
Morgan Sindall Group revealed in its recent half year results revenue increase of 14 per cent to £2.2 billion, while adjusted operating profit before tax was up 17 per cent to £70.1 million and the interim dividend up 15 per cent to 41.5p per share.
Lovell managing director Steve Coleby said: “Our partnership housing model, which focuses on long-term partnerships with the public sector, has provided resilience against a softer housing market and demand for contracting has remained strong throughout the first half of the year.
“We welcome the new government’s recent pledge to create 1.5m homes within the next five years, including freeing up planning restrictions to enable further delivery.
“This will not only unlock a large number of regeneration schemes, but importantly will pave the way for further investment, bringing forward wider opportunities to create a positive and meaningful legacy in the communities we serve.
“Lovell is very well placed to support the government’s national targets and we are ready to deliver.
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