Cardiff-based Lovell contributes to Morgan Sindall Group’s results
Lovell has just launched the first show apartment at Te Mill, Canton, which is creating a £100 million new urban village in West Cardiff at the former Arjo Wiggins paper mill site.
Partnership housing developer Lovell, which is based locally at the Greenmeadow Springs business park, Tongwynlais, Cardiff, has contributed to half year results released this month for the six months to 30 June 2017, by parent company Morgan Sindall Group plc, the construction and regeneration group. The Group has delivered strong profit growth in the first half of this year with operating profit up 37% to £24.9m (HY 2016: £18.2m) on revenue of £1,307m (HY 2016: £1,148m), a 14% increase on the previous half year. The Group reports an order book of £3,801m, a 5% rise from £3,637m. Adjusted earnings per share were up 46% for the period to 43.6p (HY 2016: 29.8p). The interim dividend has been increased by 23% to 16.0p per share (HY 2016: 13.0p) with the Group confident of another strong performance in the second half of the year. In South Wales and the South West, Lovell’s regional forward order book exceeds £145 million thanks to new contracts with housing association partners and land-led developments creating both open market and affordable homes. Lovell expects to complete over 170 new homes across the region during 2017. Key Lovell projects in South Wales include: • The Mill, Canton – this £100 million new urban village in West Cardiff at the former Arjo Wiggins paper mill site is one of Wales’ biggest regeneration programmes. The Mill is creating 800 homes: 358 homes for open market sale by Lovell
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and 442 homes for rent which will be managed by Cadwyn Housing Association for the Tirion Group. The scheme is going ahead with the support of the Welsh Government and financial backing from the Principality Building Society, and is being developed by the Tirion Group in partnership with Lovell. Lovell has just launched its marketing suite and first show apartment at the development.
• The company is now working on the third and fourth phases of Loftus Garden Village, a £30 million modern garden village which Lovell is building for affordable housing provider Pobl Group in Newport. Designed to bring the countryside into the city, when complete, it will feature 250 Arts and Crafts style homes in an extensively landscaped setting including tree-lined streets, parks and gardens.
• In Cwmbran, Lovell is about to start building Oakfield Grange: a stylish £13.6 million development of 55 houses for open market sale as well as 23 affordable rented homes for housing association Bron Afon on the former site of Llantarnam Community Primary School.
• Lovell is also set to start work on a £5.4 million development for Hafod Housing which will create 48 new affordable homes for local people in Bridgend.
• Lovell continues to deliver a £10.5 million framework contract for Vale of Glamorgan Council,
carrying out internal and external refurbishment of homes.
Lovell managing director Jonathan Goring says: “2017 has started well for Lovell with the company set to complete over 2,000 homes across the UK this year. Our combined national forward order book and regeneration and development pipeline is now worth over £1.2 billion as we continue to benefit from our solid relationships with housing associations and local authorities partners, providing services ranging from design and build contracting and mixed tenure development with open market sale and planned maintenance services.
“The sentiment remains extremely strong in favour of first-time buyers and the Homes and Communities Agency are supporting this with accelerated construction schemes and a proactive promotion of new home starts. This aligns well with the Lovell approach to partnership homes and long term regeneration. “Progress on flagship schemes includes the start of construction on site at the Electric Quarter in Enfield, a £46 million, 167-home development in Ponders End in partnership with the London Borough of Enfield; our 800-home new urban village in Cardiff - The Mill, Canton – is moving at pace while the first phase of our £398 million scheme in Woolwich is scheduled to deliver its first 118 open market homes this year.”
New Homes Wales and the South West
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