European construction business outperforms rest of Australian-based infrastructure giant
Lendlease has reported a 10% rise in revenue from the firm鈥檚 European construction business, as the divison outperformed the rest of the Australia-based group business.
The group鈥檚 annual results showed revenue rise to 拢667m for the European construction arm of the global infrastructure firm, which overall posted a profit and revenue dip.
Lendlease also confirmed new contract wins of 拢830m at the European division in the 12 months to June 30, up 120% on 2014 for its European arm.
Contract wins include the 拢200m Rathbone Square, off Oxford Street, the 拢160m North Wales Prison in Wrexham and the 拢50m first phase of Stanhope鈥檚 Ruskin Square development in Croydon.
Neil Martin, Lendlease鈥檚 managing director of construction, said: 鈥淲hilst market conditions have been challenging over the past few years, our strategy of pursuing a disciplined approach to work winning is now paying dividends as today鈥檚 results have shown. We have a strong, stable management team which is focused on securing and executing our robust and varied pipeline.
The success of the Eurpoean side however masked a drop in revenue and pre-tax profits for the Lendlease group as a whole.
Total revenue for the group fell 5% to A$13.29bn from A$13.97bn in 2014. Group pre-tax profit fell to A$618m, from A$822.9m. The group was dragged down by a weakness in the Australian construction sector, with lower revenues in engineering and sevices cutting overall construction profit by 14%.
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