Over the last year, 219 mixed-tenure homes were delivered in the country, 66% of which were affordable homes. Lovell also plans to deliver in excess of 700 mixed-tenure homes over the next few years in Scotland.

While there was a slowdown in the sale of private homes on mixed-tenure sites, due to the cost-of-living crisis and rising mortgage rates, revenue across Lovell Partnerships is up by 20% in the year to £838 million, with an operating profit of £30.5m alongside a return on capital employed of 12%.

The secured order book at the year-end was £2.034 billion, representing a 3% improvement on last year’s position and a clear reflection of the successful strategic growth and partnership model. These results have bolstered the overall results of parent company, Morgan Sindall Group plc, whose full year results were published to the London Stock Exchange this morning.

The group delivered a strong performance in 2023 against a difficult market backdrop. The results were another record for the group and reflected the strength and breadth of the group’s operations and the talent and commitment of its people.

Group revenue increased by 14% to over £4.1bn, while adjusted operating profit before tax was up 6% to £144.6m. The group’s balance sheet remains strong with net cash of £461m, and its high-quality secured order book of £8.9bn, up 5% on the prior year leaves the group well-positioned for the future and on track to deliver a result for 2024 in line with its current expectations.

Tony Rankin, regional managing director at Lovell, said: “Our team has continued to make progress and deliver homes across Scotland, despite the tough market conditions. These achievements had a much-needed positive impact in a time of a housing crisis and go to the heart of creating thriving, sustainable communities.

“Among our key projects is The Crossings at Bridgewater Village, which is located in the historic town of South Queensferry. This new development offers a mix of social, private rented and private housing, plus a collection of commercial units, helping to shape a neighbourhood that appeals to a real mix of people, from first-time buyers and young professionals, to families and those looking forward to retirement.

“In addition, we are taking the opportunity to invest further into the areas we work, not just with the homes and places we create, but also through our sustainability and social value initiatives too, such as providing multiple work experience placements with local schools and refurbishing youth and community centres.”

Lovell is working on a number of key projects in Scotland, including mixed tenure developments in Hamilton and Mayfield, Dalkeith. A nine-project scheme via the Scape Framework is also underway with Fife Council, while a mixed tenure development in Winchburgh will start summer 2024.