Housing company doubled its profits year on year in 2021 and recorded its most profitable year to date.

Part of Morgan Sindall Group plc, Lovell reported revenue for the year up 31pc to £572m, an increase from £474m in 2020.

It’s operating profit more than doubled to £33.2m from £16.0m in 2020, a rise of 28pc.

The company’s operating margin increased to 5.8pc last year up from 3.4pc. It said that was in part due to a higher mixed-tenure and contracting revenue, as well as benefiting from operational efficiencies.

Lovely’s secured order book at year end was £1.50bn, an increase of 4pc on the previous year end when it was £1.45bn.

Lovell's projects in East Anglia include a development of 137 homes at St Edmund's Park in Acle, 333 mixed-tenure homes at William's Park in Wymondham as a joint venture with Flagship Homes, and 60 homes at The Acorns in Walsham le Willows with some as shared ownership with Havebury Housing Partnership.

Simon Medler, regional managing director at Lovell, 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 3000 homes nationwide.

“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.

“Next month we will be launching new show homes and marketing suites at Bowlers Green at Hopton, a new development of 200 dwellings, delivered through the partnership with Repton Property Developments, along with Nar Valley Park with the Borough Council of King’s Lynn and West Norfolk, which will deliver 105 new mixed tenure homes.

“The East Anglia region has also recently been selected as preferred bidder by Suffolk County Council to form a strategic joint venture to develop nearly 3,000 much-needed homes in the county on council land."