Lendlease Construction Europe managing director Simon Gorski
The start of several major construction projects last year has helped to propel Lendlease Construction Europe to a 57% increase in revenue.
Accounts filed in Companies House showed that the firm reached revenue of £563m in the year to 30 June 2019, up from £357.7m the year before, as it felt the full-year benefit of the new projects.
Pre-tax profit also jumped to £31.9m, up from £18.5m the year before. It was the fifth consecutive year that Lendlease Construction Europe’s gross profit has increased.
Lendlease added that it has taken on several construction management projects, meaning that the total value of the work it delivered during the year was a third greater than its revenue alone suggests.
Meanwhile, the company, which has no external debt, saw its net assets rise to £164.8m, up from £136.6m in 2018. It also has £65.2m worth of cash in the bank.
Key starts for the business during the year included the Perry Barr regeneration scheme In Birmingham, which involves the construction of the Commonwealth Games village, used to accommodate 6,500 athletes and officials during the Games in 2022, before being used to provide 1,400 new homes in the area.
The company has also taken on the £300m, 50-storey 8 Bishopsgate tower in London, the mixed-use St John’s Quarter Manchester development, the mixed use Oxford House scheme and the Manchester residential development Potato Wharf.
