Strong order book for housebuilder Lovell despite economic turndown
Housing developer Lovell has reported record half-year operating profits of £10.1 million.
The Group delivered a record performance in the first half of 2023, driven mainly by a strong performance from the Fit Out division.
Group revenue increased by 14 per cent up to £1,935 million while adjusted profit before tax increased 10 per cent to £59.8 million.
Read more: Building firm Lovell appoints new trainees and apprentices
Group’s reported a strong balance sheet, with net cash at the period end of £263 million and an order book of £9.1 billion, up 7 per cent on the year-end position, and which spans a number of sectors across the built environment.
Locally, projects include 412 homes at Drummond Park in Ludgershall, Wiltshire on a former MOD base, and Oakfield, Swindon, a sustainable, design and build scheme for Nationwide Building Society.
Regional managing director, James Duffett, said: “This is a time of real opportunity for Lovell. More than ever, we are supporting our partners through our flexibility, innovation and strength and we must remain focused on the delivery of homes that will shape future communities.
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“The announcement from Homes England earlier in the summer, confirming its support of both replacement and regeneration schemes, is welcome news.
"Not only will this unlock a large number of regeneration schemes, it also paves the way for further investment in construction jobs and wider social value projects.
"As we continue to navigate challenging trading conditions, it is testament to our loyal and talented teams, that we continue to deliver quality homes, working collaboratively with our partners.”
