Strong order book for housebuilder Lovell despite economic turndown

Published by

Peter Davison

Oakfield, Swindon: a sustainable, design and build scheme for Nationwide Building Society

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.

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.”

Peter Davison

Peter Davison is deputy editor of The Business Magazine. He has spent his life in journalism – doing work experience in newsrooms in and around Bristol while still at school, and landing his first job on a local newspaper aged 19. By 28 he was the youngest newspaper editor in the country. An early advocate of online news, he spent the first years of the 2000s telling his bosses that the internet posed both the biggest opportunity and greatest threat to the newspaper industry and the art of journalism. He was right on both counts. Since 2006 he has enjoyed a career as a freelance journalist. He lives in rural Wiltshire with one wife, two children, and three cats.