Australian firm says increased resi work improves half year results

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Lendlease has said profit and revenue were both on the rise in its latest set of accounts.

The Australian developer and builder said pre-tax profit in the six months to December 2017 was up 8% to A$425.6m (£239m).

Revenue at the firm, which is carrying out work on the Stratford International Quarter (pictured) in east London and will build Google’s new European headquarters in King’s Cross, was up 9% to A$8.7bn (£4.9bn).

Chief executive Steve McCann said the firm’s improved performance was helped by a 48% hike in residential development completions.

The firm is targeting the build to rent sector in the UK and in January teamed up with the Canada Pension Plan Investment Board to launch a UK build to rent initiative with an initial target to invest £1.5 billion in the sector.

Lendlease has recently been given planning for the next phase of a build to rent scheme at Deptford in south-east London.