Affordable housing, regeneration and maintenance specialist Lovell, which has local offices at the Solent Business Park in Whiteley, has contributed to excellent half-year results released this week by parent company Morgan Sindall Group plc, the construction and regeneration group.
Against a continued backdrop of challenging market conditions, operating profit, before amortisation and exceptional operating items, was £15.5 million on revenue of £1,152 million – a 15 per cent increase over the same period last year.
The group reports an order book of £2.6 billion, down slightly (three per cent) on the previous year, supported by a £3.2 billion pipeline of regeneration schemes.
During the first six months of this year, Lovell has been working with housing associations and local authorities on new affordable housing developments, major housing refurbishment schemes and regeneration programmes across the UK.
The company’s order book now stands at £732 million.
Lovell managing director Stewart Davenport said: ‘The first half of 2015 has seen the housing market continuing to improve, supported by the Government’s help to buy initiative.
‘All our regions have continued to see increased sales activity on our mixed-tenure sites.
‘This has allowed us to continue our investment in new mixed-tenure regeneration projects leaving us well placed to grow the business in coming years.
‘The Government is committed to supporting home ownership and their emphasis on improving the planning system, and on releasing more public land will assist our future growth.’
Lovell has just successfully launched the first homes for sale at its new Mansfield Park development at Exford Avenue, Harefield, where it will also unveil a brand- new show apartment this month.