Revenue was down to £605.1m from £964.5m a year ago.
Profit fell almost by half to £13.5m, compared to £25.2m in 2010.
Net cash was healthy at £19.5m (2010: £12.1m).
The Australian-owned construction company said the fall in turnover reflected “the completion of a number of major projects, including developments for the BBC at Broadcasting House in London and at Media City in Manchester, while opportunities to secure replacement projects during 2009 and 2010 to drive turnover in 2011 were significantly impacted by market weakness.”
During the year, Lend Lease Construction continued its work on the 2012 Olympics Athletes Village in east London, and reached financial close on a further 12 schools through the Building Schools for the Future programme.
In London, it secured further commercial contracts at the North East Quadrant in Regent's Place, and the St James' Gateway Development.
The internal pipeline from its parent developer, Lend Lease, includes “significant opportunities” on the Greenwich Peninsula and on the regeneration of the Elephant & Castle, following an agreement with the London Borough of Southwark.