Lend Lease full year profit up +8%

21 August 2008

Lend Lease achieved an operating profit of AU$ 447 million (US$ 389 million) for the 12 months to the end of June, an +8% increase on the previous year's performance. Its revenues were up +3% to AU$ 4.7 billion (US$ 12.8 billion).

Commenting on the results, managing director and CEO Greg Clarke said, "The Project Management and Construction business, Bovis Lend Lease, performed strongly, returning to profit in all key markets. In particular, the Australian business delivered a record amount of new work secured of AU$ 350 million (US$ 305 million), up +115% on the previous year.

"The Public Private Partnerships businesses performed well, with out US operations, Actus Lend Lease, reaching financial close on six projects and being named preferred bidder on another."

Looking ahead, Mr Clarke said property markets were expected to remain volatile, with the situation in the UK and US dependent on financial markets recovering. He added that the Australian market was stronger, and although activity is slowing, it should not be impacted as heavily as has been the case in the UK and US.

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