Lend Lease’s revenues for the year ending June 30 were down-4.8% to AU$ 13.3 billion (US$ 9.54 billion). Its earnings before interest, tax, depreciation and amortisation were down -19% to AU$ 967 million (US$ 695 million).
The company said the decreases were due to one-off factors which pushed up figures the previous year. These included the sale of a stake in a major shopping complex, Bluewater, in the UK. It also said profits were lower in Asia this year due to investment in Lend Lease’s pipeline of projects. Meanwhile contributions for its Australian and Americas businesses increased compared to 2014.
CEO and managing director, Steve McCann said, “Our development pipeline has continued to expand, with a number of new international projects secured during the year in Asia and our first major development projects in the Americas. The pipeline has reached a record level of almost AU$ 45 million (US$ 32 million), with approximately 70% represented by urbanisation projects.”
He added, “We are targeting measured growth in international markets over the medium term. We have made strong progress on our targets, with the origination of circa AU$ 8 billion (US$ 5.7 billion) of new major urban regeneration projects in Asia and the Americas last year.”