Thursday, April 8, 2021

Is Britain's L&G Modular About to Turn the Corner to Profitability?

Just about everything you've heard about insurance giant Legal & General's venture into modular home manufacturing has been about the huge losses its produced. Perhaps the latest news coming from L&G Modular means that things are about to change for the better.

L&G Modular, set up by L&G Insurance in 2016 to produce 3,500 factory-built homes a year, fell to a pre-tax loss of $135.3M for the 2019 calendar year, without reporting any revenue.

However the company's CEO, Rosie Toogood, recently announced 750 homes to several developments over the next 18 months. This will require them to double their workforce to 700.

L&G modular homes factory CEO Rosie Toogood, left, with former housing minister Esther McVey

Toogood said the firm was in discussions over a 2,000-home pipeline of work and recommitted the business to its previous target of delivering 3,000 homes a year by 2024.

Describing the market as “really buoyant”, she added: “We’re now really starting to build momentum and seeing multiple schemes coming to fruition at the same time.

If they can maintain this momentum, L&G Modular has a real shot of not only improving their own company's bottom but reinforce the MMC battle cry putting the spotlight on every off-site factory in the UK.

Gary Fleisher is the Managing Director and contributor to the Modcoach Network and its affiliated blogs. 

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