Google HQ builder hit by covid costs
Profit at the European construction arm of Lendlease sank nearly 90% in the year to June as the firm counted the cost of dealing with the covid-19 crisis.
The firm, which is working on a string of high-profile jobs including the Google headquarters building at King’s Cross in London and the refurbishment of the grade I-listed Manchester Town Hall, said profit nosedived 88% to £3.9m on turnover down 21% to £443m.
In a note accompanying the accounts, Lendlease said its numbers had been hit by a slow down on sites while new awards had been delayed.
It added that a “strategy of selective bidding in pursuit of a balanced risk portfolio has limited the company’s exposure to the covid-19 crisis”.
The number of employees at business nearly doubled to 1,349 during the period although the firm last month said it was taking the axe to 240 jobs because of the covid crisis.
Lendlease said the amount of cash in the bank during the period remained flat at £65.5m.