This page contains a Flash digital edition of a book.
LOVELL BUILDS MORGAN SINDALL GROUP’S


PROFITS SUCCESS


Partnership housing specialist Lovell has made a vital contribution to preliminary results for the year ended 31st December 2019, released today by parent company Morgan Sindall Group plc, the construction and regeneration group.


Morgan Sindall Group plc delivered strong profit growth in 2019, with adjusted profit before tax up 11% to £90.4m on revenue of £3,071m, up 3%. In addition, the Group’s balance sheet remains strong,


“Our focus remains, to address the housing shortage by working with our clients, leading housing associations and local authorities in long-term, trusted partnerships where our expertise and ability to think innovatively is helping to accelerate housing led-regeneration, sustainable communities and social renewal. “Our wide-ranging expertise allows us to proactively offer our partners fresh solutions to unlocking


Golwg Y Bryn - Ebbw Vale


programmes which will create an 800-home, £100 million urban village at the 53-acre former Argo Wiggins Paper Mill site in Canton, Cardiff. Working with the Tirion Group and Cadwyn Housing Association, Lovell is creating a sustainable community featuring houses and apartments in a riverside setting. Around half of the 800 new dwellings will be affordable homes. The first phase is creating 358 homes for open market sale by Lovell and 102 for Tirion Group which will be for discounted rent, open market rent and social rent. 2. Works are progressing well on a mixed-tenure development to construct 153 homes at Ymyl Yr Afon, in Merthyr Vale. The £25m development includes a mix of 110 open market homes and 43 affordable homes which are being developed in partnership with Merthyr Tydfil Housing Association. 3. A £7.5m design and build contract to deliver 56 affordable homes for Newport City Homes which include a mix of houses and apartments. 4. Golwg Y Bryn, Ebbw Vale a £16.8m mixed tenure development delivering 70 open market sale and 30 affordable homes for rent and shared ownership for Melin Homes.


with average daily net cash in the year increasing to £109m and year end net cash of £193m. With its secured workload up 14% to £7.6bn, the Group is well-positioned for future growth and another good year of progress is expected in 2020. Lovell has seen a 50% increase in operating profit this year compared to 2018. Its strategy of increased investment during a period of sustained growth, has resulted in a combined regeneration secured order book of £1.1 billion.


During 2019, Lovell built more than 2400 homes nationwide ranging from new-build open market homes, private rented sector housing and affordable homes to large-scale refurbishment and housing-led regeneration programmes. Lovell South Wales and South West has built 257 homes across the region and has a forward order book and regeneration and development pipeline of £265m Lovell regional managing director, James Duffett says: “In 2020, Lovell will be celebrating the 50th anniversary of its first partnership development, a major milestone in our history. Our commitment to working with partners with a shared goal to build great places to live – a place where families can grow and communities can thrive is as relevant today as it was in 1970.


4 New Homes Wales and the South West


land for development. We’re highly motivated to deliver urgently needed high-quality homes across all tenures and look forward to completing work on 421 homes this year.” Lovell South Wales and South West is currently working on a number of key projects including: 1. The Mill – one of Wales’ largest regeneration


Keepers Gate - Weston-super-Mare


5. Show homes have recently opened at Keepers Gate, Weston-super-Mare a mixed tenure development delivering 50 new homes. The £15m development includes a mix of 35 open market homes and 15 affordable homes which are being developed in partnership with Live West. 6. Works are due to commence at Oldmixon Road, Weston-super-Mare which will deliver 130 mixed tenure homes. The £30.1m development will include a mix of 91 open market homes and 39 affordable homes which will be delivered in partnership with Yarlington Group.


The Mill - Cardiff


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48