In the 12 months to 30th June 2021 Lendlease Construction (Europe) generated revenue of £554.4m, which was 25% up on the previous year’s Covid-impacted £442.7m and close to 2019’s pre-Covid revenue of £563m.
Pre-tax profit for the year to 30th June 2021 was £20.0m, up from £3.9m the previous year but still down on 2019’s £31.9m.
Finance director Michelle Letton said that work was slow coming to market in the first half of the year [i.e. July-December 2020], but activity had picked up in 2021.
During the year Lendlease started work on site a HMP Glen Parva in Leicestershire, Camden Town Hall in London and 2 Rusking Square in Croydon.
Lendlease Europe’s balance sheet shows net assets of £186.4m (2020: £168.7m), cash of £78.2m (2020: £65.5m) and zero external debt.
Michelle Letton concluded her report by saying: “The full impact the pandemic will have on the company is uncertain given the situation is evolving and the wider impact on the economy is unknown. However, the directors believe that the company is well place to manage its financing and future commitments over the next 12 months.”
Parent company Lendlease Construction Holdings (Europe) posted a pre-tax profit of £3.9m (2020: £459,000 loss).
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