Lend Lease Group Ltd (ASX:LLC) has booked a bigger than expected 10.5 per cent improvement in first half net profit.
In the six months to 31 December 2010, Lend Lease posted a net profit of $226.5 million, up from $204.9 million the same time a year before.
The property developer says it is positive about the full year outlook, with future growth likely to to be underpinned by the Valemus acquisition, a recovery in the US and UK and growth in Australia.
Lend Lease last year bought Valemus for $960 million from German company Bilfinger Berger.
An interim distribution has been held steady at 20 cents, 50 per cent franked.
Lend Lease Group booked a net profit of $348 million in the 2010 financial year.
