In the year ended 30th June 2022, Lendlease Construction (Europe) Ltd generated revenue of £553.5m – almost identical to the £554.5m generated in the previous year.
Pre-tax profit was also down only very modestly, at £18.9m, compared to £20,0m in the 2021 financial year.
The balance sheet shows net assets of £202.6m (2021: £186.4m), with £72.1m cash and no external debt.
Managing director Simon Gorski writes in the annual report: “The impact of Covid 19 has meant market activity has been slower through the previous two years but we have noticed a significant increase in high quality opportunities coming to the market. We have increased bidding activity to capitalise on these opportunities with several significant wins during the year and a number of projects at the preferred bidder stage. These wins have allowed us to maintain our strong pipeline of profitable, sustainable projects, unlocking benefits for our clients and the company.”
Projects started during the year include the £120m reconstruction of 90 Long Acre and the Deptford Landings development, both in London. Ongoing projects, also both in the capital, include International Quarter London and Elephant Park.
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