Cardiff-based Lovell helps Morgan Sindall Group’s record results

Partnership homes specialist Lovell, which is based locally at the Greenmeadow Springs business park, Tongwynlais, Cardiff, has contributed to record preliminary results for the year ended 31 December 2018, released today by Morgan Sindall Group plc, the construction and regeneration group. Morgan Sindall Group plc has delivered record profit for the full year to 31 December 2018, with adjusted profit before tax up 23% to £81.6 million (FY 2017: £66.1 million) on revenue of £2,972 million (FY 2017: £2,793 million), a 6% increase on the previous year. The Group reported a committed order book of £3.6 billion and a regeneration and development pipeline of £3.1 billion. Adjusted earnings per share was up 25% for the year to 151.8p (FY 2017: 121.1p) and total dividend per share increased by 18% to 53.0p (HY 2017: 45.0p). The Group demonstrated continued strength of the balance sheet with year-end net cash of £207 million and an average daily net cash of £99 million. They are in a strong position to deliver on expectations in 2019. During 2018, Lovell built more than 2,500 homes across England, Scotland and Wales ranging from new-build open market homes, private rented sector housing and affordable homes to large-scale refurbishment and housing-led regeneration programmes. The company’s offer of the full mix of residential development services and bespoke development solutions has resulted in a combined national forward order book and regeneration and development pipeline now at


£1 billion. Major projects in South Wales and the South West include: • The Mill, Canton: West Cardiff’s £100 million trail-blazing urban village which is one of Wales’ largest regeneration programmes. Its 800 homes will comprise 358 homes for open market sale by Lovell and 442 homes for rent which will be managed by Cadwyn Housing Association for Tirion Homes. 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 Tirion in partnership with Lovell. Last year, The Mill secured the Best First Time Buyer Family Home title at the First Time Buyer Readers’ Awards. Lovell build manager Mark O’Neill won a Seal of Excellence Award in the National House-Building Council (NHBC) Pride in the Job awards for his work on the development and took the title of overall Regional Award winner for Wales.

• Construction began in October 2018 on Ymyl Yr Afon, a £25 million development of 153 much-needed new homes at a former colliery site near Merthyr Tydfil. The old Merthyr Vale Colliery will be transformed with 110 two- , three- and four bedroom homes for open market sale. There will also be 43 one-, two- , three- and four-bedroom affordable houses and apartments being developed in partnership with Merthyr Tydfil Housing Association.

* Work also recently began on the £7.5 million first phase of a wide-ranging regeneration

programme which will revitalise the Ringland area of Newport. The first phase of work will see the company build 56 modern homes and apartments for social rent in a redevelopment of the Cot Farm estate by Newport City Homes.

• In Cwmbran, Lovell is building Oakfield Grange, a £13.6 million development of 55 houses for open market sale and 23 affordable rented homes which are being developed in partnership with Bron Afon Community Housing.

• At Bridgend, Lovell is building a £5.4 million scheme for Hafod Housing which will create 48 new affordable homes for local people.

• Lovell recently began work on Keepers Gate, a £15 million, 50-home development of 35 open market sale homes and 15 affordable homes in a spectacular coastal location at Weston- super-Mare.

Lovell regional managing director Kate Rees says: “Our focus for 2019 is on continuing to drive strategic growth across South Wales and the South West where our total forward order book is now at £135 million. Lovell’s ability to offer such a comprehensive range of solutions to our clients and partners, and in particular our expertise in land-led residential development, has led to our involvement in some of the region’s most important homes schemes. We’re excited to be working with our partners to deliver urgently- needed high-quality brand-new homes available to people on a range of incomes and look forward to completing work on more than 300 homes in the region this year.”

New Homes Wales and the South West

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