Lendlease Group announced its FY2023 results

Lendlease Group (ASX: LLC) has unveiled its financial outcomes for the fiscal year concluded on June 30, 2023. Key highlights encompass:

• A 7% decline in Core Operating Profit after Tax (Core OPAT) to AU$257 million.
• A Core Operating Earnings Per Security of 37.3 cents.
• Maintenance of a full-year distribution of 16.0 cents per security.
• A Statutory Loss after Tax amounting to AU$232 million.
• A Statutory Loss Per Security of (33.7) cents.
• An AU$295 million provision due to retrospective UK Government actions regarding residential buildings involving cash funding across seven years.
• An AU$175 million reduction in property valuations, affecting around 7% of the investment portfolio.

Noteworthy achievements entail a 9% growth in funds under management (FUM) to AU$48.3 billion, over AU$6 billion invested in delivery and more than AU$4 billion of committed third-party capital awaiting deployment. Development work in progress amounts to AU$22.9 billion, including AU$7.7 billion in commencements.

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