Lovell’s half-year profit up 15%

Later Living by Lovell
Image of a future Lovell Later Living development in Scarborough

Housebuilding company and later living specialist Lovell has reported profit of £13.9 million for the first half of 2022, a rise of 15% on the first half of 2021.

Lovell’s half-year revenue was £284 million, up 5% from £270 million reported for the first half of 2021. Operating profit was £13.9 million, up 15% on £12.1 million reported for the first half of last year, with the operating margin increasing to 4.9%, from 4.5% in H1 2021.

Lovell’s parent company, the construction and regeneration firm Morgan Sindall Group, stated that it has delivered a record performance in the first half against a difficult market backdrop, with group revenue increasing by 9% to £1,698 million (from £1,559 million in the first half of 2021), while adjusted operating profit increased 4% to £56.9 million (from £54.8 million for the first half of last year).

The group reported net cash at the period-end of £274 million and has an order book with a secured workload of £8.5 billion. Morgan Sindall stated it expects to deliver a result for the full-year slightly ahead of previous expectations.

Lovell Later Living managing director Paula Broadbent said: “Our strong half-year results are testament to the ongoing hard work and commitment of the entire Lovell team, our supply chain and our cherished partnerships. Together, we are helping deliver thousands of much needed new homes across the UK”

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