Operating profit at Australian developer Lend Lease grew 24% in the past financial year, despite a disappointing performance from Bovis Lend Lease, its construction arm.
The developer’s operating profit rose to £143m for the year ending June 2006, compared with £115m for the previous year.
However, profit at Bovis dropped 4% to £54m. This lacklustre performance was in part attributed to its UK operations. The contractor wrote down £14m on the BBC’s £400m Broadcasting House refurbishment in London and the £80m Bridgewater Place Tower in Leeds.
Bob Johnston, the global chief executive officer of Bovis, said: “The UK had a strong second-half result, which helped to offset the first half margin deterioration.
“These results, especially from the Asia Pacific and the Americas, demonstrate the underlying strength and resilience of the global business, despite the disappointment of the UK provisions this year.”
Johnston will be hoping that this year’s problems are a one-off. He has set himself the target of doubling profit in the next five to 10 years.