Help to Buy scheme gives housing firm a lift

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AFFORDABLE housing, regeneration and maintenance specialist Lovell, which has offices at the Solent Business Park in Fareham, has contributed to preliminary results of its parent company.

The results for the year ended December 31, 2013 were released yesterday by Morgan Sindall Group plc.

Operating profit before amortisation and exceptional operating items was £33.6m, compared to £48.1m in 2012, on revenues of £2,095m – up from £2,047m in 2012.

The company provides repairs and maintenance services to 3,600 homes across the UK, including Hampshire and West Sussex.

Managing director Stewart Davenport said: ‘The last year has not been without its challenges.

‘However, confidence returned to the housing market as a result of the government’s Help to Buy initiative which resulted in a 36 per cent increase in 
our sales of new homes in the year, compared with 2012.

‘This released cash from historic sites enabled us to invest in new mixed tenure sales sites for 2014 and onwards.’