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Lendlease H2 2015 results show European construction arm hit by loss

Lendlease’s European construction business made a £3m loss after tax in the second six months of 2015.

The result marks a significant dip in performance from the same period in 2014, when it recorded a profit of £6.7m.

Revenue was up 12 per cent year on year growing from £307m to £343m.

The construction arm’s losses meant that growth slowed slightly for the overall European business, which recorded a profit of £36.5m, down from £47.5m the previous year.

Despite the loss, Lendlease hailed a 126 per cent upturn in new work secured in Europe, boosted by contracts at its developments in Elephant & Castle and the International Quarter in Stratford.

Group-wide, the Australian-based company posted revenue of £3.66bn, up from £2.94bn in the second half of 2014, while pre-tax profit grew from £183m to £212m.

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