Lend Lease Full Year Profit Down 25%, Despite Record Pipeline of Projects

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Tuesday, August 25th, 2015
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Global property developer Lend Lease’s development pipeline has hit a record of nearly $45 billion thanks to new projects in Asia and the Americas.

Lend Lease unveiled a 24 per cent fall in net profit to $618.6 million for the year to June 30, from $822.9 million in 2013/14.

The fall was largely because of the inclusion in the 2013/14 accounts of a $485 million benefit from the sale of Lend Lease’s Bluewater shopping centre in England.

Revenues fell by 4.7 per cent to $13.3 billion.

Chief executive Steven McCann said Lend Lease ended the financial year with an estimated development pipeline worth $44.9 billion, up 19 per cent on the prior year.

“The pipeline has reached a record level of almost $45 billion, with approximately 70 per cent represented by urbanisation projects,” he said.

The company also enjoyed a record year for residential settlements, which rose by just under a quarter to 4,262 thanks to the strong property markets in Australia and the UK.

Pre-sale revenues hit an all-time high of $5.2 billion, more than double the previous year.

Lend Lease sold out its entire second residential phase at Darling Square in Sydney in just five hours.

Ninety per cent of pre-sales were achieved for its other key developments in Collins Street, Melbourne, and at The Yards in Brisbane.

Lend Lease announced a partly-franked final dividend of 27 cents per security, down from 49 cents a year ago.

  • Net profit down 25pct at $618.6m
  • Revenue down 5pct at $13.3b
  • Final distribution down 22 cents at 27 cents
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