Firm says covid continues to impact numbers

Turnover at Lendlease鈥檚 European construction business stayed flat last year with the firm saying the impact of covid continued to be a drag on the firm鈥檚 numbers.

Income in the year to June remained at 拢554m but pre-tax profit slipped 7% to 拢18.8m. In the accounts, the firm said the fallout from the pandemic 鈥渕eant activity has been slower鈥� in the past couple of years but it added: 鈥淲e have noticed a significant increase in high quality opportunities coming to the market.鈥�

The overwhelming majority of the firm鈥檚 revenue comes from the UK, where it is carrying out work on 8 Bishopsgate in the City of London, the Google headquarters in King鈥檚 Cross and the redevelopment of the grade I-listed Manchester Town Hall.

8 Bishopsgate CGI (c) Stanhope PLC

Lendlease is due to finish work on 8 Bishopsgate, a 50-storey tower designed by Wilkinson Eyre, early next year

It has won a string of high-profile deals in recent months including a 拢430m office scheme at 120 Fleet Street in the City of London and a 拢200m job to turn the former London flagship of collapsed retailer Debenhams on Oxford Street into a new retail and office complex.

Earlier this year, it won the 拢400m scheme to turn the former ITV studios at 72 Upper Ground on London鈥檚 South Bank into an office complex. But this job faces months of sitting on the sidelines after it was called in by then secretary of state Greg Clark in September.

Lendlease said the average number of employees during the year fell 9% to 1,100 people. It had cash in bank of 拢72m, down from 拢78m last time.

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