As suggested in its unfortunate ‘self-leak’ in early August, global construction and development giant Lendlease said full-year net profit climbed 9% to $758.6 million in the year to June.
The group accidentally released its headline financial results on August 4, said EBITDA (earnings before interest, tax, depreciation and amortisation) was up across all segments of the business with development, construction and investments up 10%, 17% and 8% respectively.
CEO Steve McCann focused on residential development in a statement to the ASX
"Residential development was a highlight with a 20 per cent increase in completions to 5,769, driven by the delivery of a record 2,533 apartments," Mr McCann said. "We have settled approximately 90 per cent of these apartments to date, with a default rate of less than 1 per cent."
The group’s Australian construction business is still strained with margin dampened by performance across "a small number of projects and increased bidding activity."
EBITDA in its Australian construction business fell to $201 million from $232 million but was up 87% in its American division.
In its funds management business total funds under management rose 11% $26.1 billion, with new equity raised of $900 million. The company declared an unfranked final dividend of 33 cents per security, up three cents, making a total of 66 cents for the full year, up 10%.
The shares rose 0.6% to $16.55. That’s about where the shares were just before the August 4 ‘leak’.
