Lovell Homes delivers ‘record’ results in FY22

Lovell Homes has welcomed “record” results in FY22, after a strong full-year performance despite market headwinds, with revenue up 12% to £3.6bn and profit before tax up 7% to £136.2m. At the end of the period, the group said it had a “high quality and substantial” order book with a secured workload of £8.5bn, though this was 2% lower than the prior year end. Nonetheless, its Fit Out operating profit was up 18% to £52.2m, and there was also a steady performance from its Construction and Infrastructure division, with profits of £52.1m against strong prior year comparatives. Property Services' operating profit was up 5% to £4.3m, and Partnership Housing revenues were up 22% to £696m, with operating profit up 13% to £37.4m. In addition, there was good progress in its Urban Regeneration division, with operating profit up 56% to £18.9m. Looking ahead, while there remains “significant macroeconomic uncertainty”, the group said it was “well-placed to overcome the challenges of the coming year and also well-positioned to take advantage of the opportunities that arise in this type of environment”. It added that it “looks forward with optimism” and although it is still early in the year, it is “well-positioned to deliver a result for 2023 which is in line with its current expectations”. CEO John Morgan said: "The group delivered a strong performance in 2022, with significant strategic and operational progress made across the business despite the market headwinds. These results are another record for the Group and they reflect the high quality of our operations and the talent and commitment of our people. “With the more challenging economic backdrop, our strong balance sheet including our substantial net cash position provides us with confidence and enables us to continue operating efficiently and effectively. Particularly, it allows us to continue making the right decisions for the long term, to maximise our competitive advantage, and to best position us in our markets for continued sustainable long-term growth.” He added: “While there remains significant macroeconomic uncertainty, Morgan Sindall is a strong and agile business which is well-placed to overcome the challenges of the coming year and also well-positioned to take advantage of the opportunities that arise in this type of environment. “There are early signs that inflation, particularly labour inflation, has plateaued and is starting to fall in some areas. We look forward with optimism and although it is still early in the year, we're well-positioned to deliver a result for 2023 which is in line with our current expectations."

Lovell Homes delivers ‘record’ results in FY22

The group reported revenue was up 12% to £3.6bn and profit before tax up 7% to £136.2m

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