Lend Lease said its profits increased 17% as its revenue dropped a fifth in the first half of its financial year.

Lend Lease global revenues fell by 22% to AU$4.4bn in the first six months of its financial year, covering the six months to 31 December 2010, compared to AU$5.6bn in the same period a year earlier. Its operating profit after tax increased to AU$220m in 2010, up from AU$188m in 2009.

Along with its results announcement, Lend Lease confirmed it would drop various brand names, including the Bovis name, as reported by 好色先生TV, over the next 18 months.

Lend Lease Europe chief executive Dan Labbad said: 鈥淪implifying our branding and moving to a unified name, 鈥橪end Lease鈥, signifies an important and exciting step under our regionalised business structure.

鈥淚n addition to the benefits that a unified brand delivers, we will continue to provide best in class services to our partners and clients.鈥

Commenting on the group鈥檚 future outlook, group chief executive Steve McCann said: 鈥淲e are seeing some encouraging signs offshore and are well positioned to leverage a recovery in the US and UK markets and continue to benefit from the growth in Asia through our retail and mised-use development platform.

鈥淲e are positive about the group鈥檚 operating outlook.鈥

The European market is increasingly important to the firm, representing 34% of group turnover in the first half of its 2010 financial year, compared to 29% a year earlier.