Lendlease profits up 4.5%

Sydney-based international property and infrastructure giant Lendlease has reported a $792.8 million profit after tax for the full year. The figure is up 4.5% from $758.6 million for the same period last year.

Revenue dropped 0.6% to the corresponding period last year to $16.6 billion.

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The company has pointed to strong performance across both the development and investments segments as drivers behind this growth. Lendlease currently has a $71.1bn development pipeline and a construction backlog revenue of $21.1bn.

Chairman David Crawford said: “In Lendlease's 60th year in operation the Group delivered a resilient result for the 2018 financial year with $792.8 million in Profit after Tax and Distributions per Security of 69.0 cents. Our vision and strategy is centred around innovative property and infrastructure solutions. Successful execution of this strategy, combined with a strong financial position and robust risk management and governance frameworks, set the Group up to deliver attractive securityholder returns.”