According to the partnership housing specialist, revenue for the year climbed 21% to £572m. Within this, mixed tenure revenue improved 16% to £323m and contracting revenue was up 27% to £249m.
The housebuilder’s operating margin was 5.8%, an improvement against 2020’s 3.4%, as Lovell benefited from its higher mixed-tenure and contracting revenue as well as “continued operational efficiencies”.
Mixed tenure units (open market and social housing) rose to 1,653 from 1,216. Their average sales price lifted from £229,000 to £249,000. In contracting (including planned maintenance and refurbishment), the total number of equivalent units built was 1,477 against 978 in 2020.
Steve Coleby, Lovell’s MD, said: “Throughout the last two years, in the face of extremely challenging trading conditions, we have been relentless in our ambition to work with our partners to build the nation’s much-needed homes. While our financial performance has exceeded previous results, it is the strength and unity of our team, that must be acknowledged for the successful delivery of over 3,000 homes.
“We are in great shape, and we go from strength to strength, forming long term partnerships with other like-minded organisations, building on our reputation as a trusted and agile business. In just the last few weeks we have announced several new large scale strategic partnerships and this news, coupled with the opening of new offices in Exeter, Bristol, Derby and Newcastle, gives us even greater geographical reach and nationwide capability.
