Lend Lease said its profits increased 17% as its revenue dropped a fifth in the first half of its financial year.

Lend Lease global revenues fell by 22% to AU$4.4bn in the first six months of its financial year, covering the six months to 31 December 2010, compared to AU$5.6bn in the same period a year earlier. Its operating profit after tax increased to AU$220m in 2010, up from AU$188m in 2009.

Along with its results announcement, Lend Lease confirmed it would drop various brand names, including the Bovis name, as reported by Building, over the next 18 months.

Lend Lease Europe chief executive Dan Labbad said: “Simplifying our branding and moving to a unified name, ’Lend Lease’, signifies an important and exciting step under our regionalised business structure.

“In addition to the benefits that a unified brand delivers, we will continue to provide best in class services to our partners and clients.”

Commenting on the group’s future outlook, group chief executive Steve McCann said: “We are seeing some encouraging signs offshore and are well positioned to leverage a recovery in the US and UK markets and continue to benefit from the growth in Asia through our retail and mised-use development platform.

“We are positive about the group’s operating outlook.”

The European market is increasingly important to the firm, representing 34% of group turnover in the first half of its 2010 financial year, compared to 29% a year earlier.