Chief executive officer and managing director Steve McCann said Lend Lease had delivered a strong start to 2015 and that the AU$40.4bn global development pipeline continues to drive growth and earnings visibility for the group. “The Australian and UK residential markets have remained strong. We increased our residential pre-sold revenue by AU$2.2bn, to AU$3.6bn, and settlements rose 11% from the prior corresponding period,” he said.
Other milestones included the financial close of two project development agreements totalling AU$1.9bn for Darling Square and the ICC Hotel Sydney as well as financial close on two PPP projects.
Across international operations, Lend Lease acquired new projects in London at Deptford and Chiswick and has several buildings in delivery at Elephant & Castle and The International Quarter.
The group closed the half year with a global construction backlog revenue of AU$15.6bn, with about AU$4.0bn of additional building and engineering work at either preferred status or secured post balance date. There is also a global development pipeline with an estimated end-value of AU$40.4bn.
In Australia, profit after tax increased to AU$297.6m, up 33% on the prior corresponding period. In Europe, profit after tax increased substantially to AU$75.3m.
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