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LendLease Group (ASX:LLC) has seen improved financial results for the half year through to December 31 as a strategy announced last year begins to yield results.
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The company reported a statutory profit after tax of $48 million for the FY25 half-year, compared to a statutory loss of $136M the year before.
Operating profit after tax (OPAT) – which has been newly defined by Lendlease, excluding only investment property revaluations – was $122 million, up $133 million.
Also strong was segment operating EBITDA (earnings before interest, taxes, depreciation and amortization), which the company reported was 39% higher at $375M – including an IDC contribution of $341M.
Lendlease said its improved earnings for development and investments were partly offset by lower contributions from construction and CRU, and that corporate costs had been lower by 61% (to $57M), based on restructuring charges incurred in the first half of FY24, and the realisation of cost savings.
“Our results for 1H25 reflect significant progress in line with our strategy announced last year, as well as a return to statutory profit,” Group Chief Executive Officer Tony Lombardo said, adding actions taken last year had boosted the numbers.
“We continue to move at pace to simplify the Group and focus on improving our operational performance.
“Our priorities remain strengthening our balance sheet, returning capital to security holders and redeploying capital to grow future earnings.”
LendLease has been trading at $6.74.
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