Lendlease FY profit slides more than 40%

Lendlease Group has trimmed its dividend and confirmed it will sell off its engineering and services unit as the property developer reported its full-year profit fell more than 40 per cent.

Revenue for the 12 months to June 30 edged down 0.1 per cent to $16.54 billion, while net full-year profit sank 41.1 per cent to $467 million as Lendlease cut its final unfranked distribution by 5.0 cents to 30 cents.

“The past year has been a difficult one for the group, which has impacted our securityholders, customers and employees,” Lendlease chairman Michael Ullmer said, adding that the company’s “board is currently overseeing a sale process for the non core (engineering and services) business” following a strategic review.

AAP

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