Partnership housing specialist Lovell has made a vital contribution to preliminary results for the year ended 31st December 2019, released today by parent company Morgan Sindall Group plc, the construction and regeneration group.
Morgan Sindall Group plc delivered strong profit growth in 2019, with adjusted profit before tax up 11% to £90.4m on revenue of £3,071m, up 3%. In addition, the Group’s balance sheet remains strong, with average daily net cash in the year increasing to £109m and year end net cash of £193m. With its secured workload up 14% to £7.6bn, the Group is well-positioned for future growth and another good year of progress is expected in 2020.
Lovell has seen a 50% increase in operating profit this year compared to 2018. Its strategy of increased investment during a period of sustained growth, has resulted in a combined regeneration secured order book of £1.1 billion.
During 2019, Lovell built more than 2400 homes nationwide ranging from new-build open market homes, private rented sector housing and affordable homes to large-scale refurbishment and housing-led regeneration programmes. Lovell North Westhas built 501 homes across the region and has a forward order book and regeneration and development pipeline of £206m
Lovell regional managing director, Lee Sale says:
“In 2020, Lovell will be celebrating the 50th anniversary of its first partnership development, a major milestone in our history. Our commitment to working with partners with a shared goal to build great places to live – a place where families can grow and communities can thrive is as relevant today as it was in 1970. “Our focus remains, to address the housing shortage by working with our clients, leading housing associations and local authorities in long-term, trusted partnerships where our expertise and ability to think innovatively is helping to accelerate housing led-regeneration, sustainable communities and social renewal.
“Our wide-ranging expertise allows us to proactively offer our partners fresh solutions to unlocking land for development. We’re highly motivated to deliver urgently needed high-quality homes across all tenures and look forward to completing work on 500 homes this year.”
Lovell North Westis currently working on several key projects including:
Weston Woods a strategic joint venture partnership with Latimer, Clarion Housing Group’s development arm delivering a scheme in the village of Weston, Cheshire that will provide 30 affordable homes. The development comprises a mixture of three, four and five-bedroom homes and six two-bedroom bungalows.
Woodlark Chase a scheme of 86 plots that will provide a range of two, three, and four-bedroom homes in Thornton Cleveleys. Of the 86 homes, 69 will be sold on the open market while 17 will be provided as affordable housing.
Waterside Quay, Lovell Homes’ latest phase at Platting Village in Manchester, is part of a ground-breaking development which has seen an inner-city housing estate in a previously neglected area of East Manchester transformed into a thriving urban village, the development combines traditional family values with the best in modern, contemporary living. Sustainability has also been a key focus, with every possible step taken to ensure an eco-friendly lifestyle is at the forefront.