Lendlease to sell off engineering department
Posted on 20 August 2019
Lendlease Group has announced that their engineering and services units will be sold following a 41.1% profit drop over the 2018-2019 financial year; down to $467 million from the $793 million in revenue that was achieved the previous year.
This hit has been attributed to three major roadworks projects that didn’t go ahead, resulting in a big dip in revenue for the department. Once the units have been sold, Lendlease will be stripped back to its construction, development and investment divisions.
Chief executive, Steve McCann, has recognised it was a challenging year for the company but told analysts, “our pipeline looks fantastic and I think our outlook looks very strong, in terms of delivering longer-term earnings”.
Overall, Lendlease has reported $16.54 billion in profit over the financial year, which is only 0.1% down from the previous year, and the future is looking bright with $100 billion worth of projects in the pipeline.