Morgan Sindall has reported a 53% increase in revenue from its partnerships housing business Lovell.

The firm today announced Lovell’s revenue for the half year to 30 June was £270m, up 53% on the £176m recorded in the same period last year and 14% higher than in the first half of 2019 before the covid-19 pandemic.

Its operating profit increased 476% year on year to £12.1million and its operating margin jumped 1.2% to 4.5%, pushing the firm closer to its medium-term target of 6%. It’s return on capital employed was 17%, up from 9%. It has a target of achieving ROCE, which measures the efficiency of captital used, of 20%.