"As we enter an even more challenging time for the housing industry, it is pleasing to know that our partnership model offers us some protection from projected market conditions"
The firm saw revenue climb by 22% to nearly £700m and a Return on Capital Employed of 19%. The secured order book at the year-end was £3.4bn - 23% up on last year.
Steve Coleby, Lovell managing director, said: “2022 has seen us deliver record financial results with strong growth achieved in revenue and profits across the board. Throughout both mixed tenure and contracting activities, we’ve increased the volume of units completed to almost 4,000 (YE 2021: 3,000) whilst also increasing our ongoing portfolio of long-term joint ventures and contracting schemes.
“The year-end results are fantastic, especially given the continued turbulence in the UK economy and the wider landscape of construction material shortages, inflationary cost increases and slow planning progression in parts of the UK. Our success is undoubtedly a testament to the ongoing strength and commitment of the entire Lovell team, our supply chain and our partnerships who work relentlessly to achieve our ambitions.
“As we enter an even more challenging time for the housing industry, it is pleasing to know that our partnership model offers us some protection from projected market conditions.”
