Lendlease Group chief executive officer and managing director, Steve McCann said Lendlease has delivered a strong result for the half year. “Significant momentum has driven the first half of FY16, with increasing cash generation and a positive growth outlook,” he said. “Our development pipeline has grown to AU$46.6bn [£23.3bn], with approximately 75% represented by urbanisation related projects. During the half we had strong sales momentum at residential projects at Victoria Harbour in Melbourne and Elephant & Castle in London and we secured planning approvals for a new urban regeneration project in Chicago,” he said.
Profit after tax was AU$353.8m, up 12%. There was record pre-sold revenue of AU$5.4bn across residential apartments and communities, which marked a rise of 49%. The construction backlog revenue was up 19% to AU$18.6bn.
He added: “Our Australian Engineering business has secured a number of key contracts during the half including the Gateway Upgrade North and Kingsford Smith Drive in Brisbane and last week we were announced as preferred on the D9 Level Crossings Removal in Melbourne with our alliance partners. The business is well placed to secure a growing pipeline of infrastructure works.”
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