Lendlease announces restructuring as it warns of tough year ahead

By Jordan Marshall2021-08-16T09:53:00

But the Australian firm did post improved profit in its most recent results

Lendlease has warned of a challenging year to come as covid-19 and a restructuring plan cast a shadow over the firm’s improved financial position.

In its results for the year to 30 June 2020, which were announced this morning Australian time, the firm posted a pre-tax profit of A$222m (£118m) – a significant improvement on the $310m loss (£168m) it posted last year, which was largely due to the hit it took selling its engineering business.

Despite the improved position chief executive Tony Lombardo, who was giving his first results update since taking the top job in June, said the firm had definitely felt the pressure of the pandemic in the past 12 months.

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