Lendlease (ASX:LLC) posts full year loss

Company News

by Anna Napoli

Lend Lease (ASX:LLC) has posted a statutory loss of $310 million, from a profit of $467 million a year ago.

The loss came as $368 million of costs previously flagged in February 2019 relating to the exit of Engineering were brought to account.

Total group revenue declined by 20 per cent from 16.6 million last year to $13.3 million this year.

The firm will pay total dividends/distributions of 33.3 cents a share. Net tangible assets per security reached $7.95, from $8.69 last year, and the firm's loss per stapled security was 51.4¢, compared to earnings of 79.4¢ a share a year ago.

Lend Lease said that its core business was significantly hurt by COVID-19 during the year, with CEO Steve McCann calling the financial result for the year "disappointing" after costs related to exiting the firm's engineering business also weighed.

Shares in LendLease (ASX:LLC) are trading 3.21 per cent lower at $11.15.