Lendlease (ASX:LLC) makes a profit in FY21 despite pandemic

Company News

by Lauren Evans

Global infrastructure company Lendlease (ASX:LLC) records operating profit after tax of $377 million for the period ending 30 Jun 2021 (FY21), up 83 per cent from the prior year despite Covid-19 impacts.

Lendlease noted that their development segment experienced production delays throughout the year, with ongoing impacts on leasing and sales across active projects.

Hence, construction was constrained by delays in the commencement of new projects, site shutdowns and lower productivity. Social distancing protocols across sites resulted in a 16 per cent decline in revenue and a 9 per cent decline in hours worked.

The investment segment generated a return on invested capital of 5.9 per cent, just below the target range of 6-9 per cent.

Lendlease recorded full year distributions of 27 cents per share, with a final distribution of 12 cents per share.

Shares in Lendlease (ASX:LLC) are trading 7.3 per cent lower at $11.68.  

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