Nationwide housebuilder Lovell has reported booming profits in the first half of 2019.
The construction firm, headquartered in Tamworth, saw operating profits rise by around 40 per cent in the six months to June 30, boosted by a strong order book.
Lovell has built over 120 homes across Yorkshire, Lincolnshire, Derbyshire and Rutland so far in 2019, and is currently working on a multi-million pound development in Hull.
Robert Adams, regional managing director at Lovell, said: “Our focus for the second half of the year is driving strategic growth in the business.
“Lovell’s ability to offer such a comprehensive range of solutions in unlocking land has led to our involvement in some of the UK’s most important homes schemes.
“We’re excited to deliver urgently-needed high-quality homes across all tenures and look forward to completing work on an estimated total of 220 homes this year.”
Lovell has increased investment across the country as the business embarks on a period of sustained growth.
It said the move had resulted in a combined national forward order book and regeneration and development pipeline of £1.1 billion.
In Hull, Lovell is working on The Leeways housing scheme in the Ings area of the city.
The current phase of development will see 108 homes built, with work on a further 140 houses set to start later in 2020.
Outside of Hull, Lovell is also working on Doncaster Lakeside – a £30m, 147-home new development including affordable houses.
It is also delivering a £25m development in Saxilby, Lincolnshire, and a £15m partnership scheme to deliver 100 new houses in Louth.
With a forward order book and development pipeline worth £106m, Lovell looks set for a period of strong growth.
It was also a strong start to 2019 from parent company Morgan Sindall Group.
Operating profits at Morgan Sindall were up 18 per cent in the first six months of the year, reaching £37.5m.
Sales hit £1.4bn, with a secured order book of over £4bn in place.
With adjusted earnings per share up 15 per cent for the period to 64.2p, and interim dividend up 11 per cent to 21.0p, Morgan Sindall said it was confident of a strong performance for the second half of 2019.
