Lovell helps build Morgan Sindall group’s profits
Partnership housing specialist Lovell, which is involved in projects in the Black Country, Shropshire and Staffordshire, made an important contribution to the profit growth of parent Morgan Sindall Group last year.
The construction group saw adjusted pre-tax profit rise 11 per cent to £90.4 million on revenue of £3.07 billion in 2019.
Lovell enjoyed a 50 per cent increase in operating profit compared to 2018. Its strategy of increased investment during a period of sustained growth, has resulted in a combined regeneration secured order book of £1.1bn.
During 2019, Lovell built more than 2,400 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 Midlands built more than 300 homes across the region and has a forward order book and regeneration and development pipeline of £225m.
Lovell regional managing director Stuart Penn said: "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 517 homes this year.”
Lovell Midlands is currently working on a number of key projects including: a £13.1m development in Coven with 37 homes for sale and 26 affordable homes; a £5 million conversion project turning the former Stourbridge Police Station into 31 new apartments for open market sale; two £6.5 million a year, four-year contracts for internal and external planned maintenance to Sandwell Council housing stock; a two-year £3 million per annum contract to replace flat and pitched roofs to low rise housing for Walsall Housing Group and a £25m development with 89 homes for sale and 62 affordable homes on Steelhouse Lane in Wolverhampton.
The Wolverhampton project includes investment from the West Midlands Combined Authority.
There is also a £42m 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.
