FINANCE: Australian property group Lend Lease has reported 25% growth in pre-tax profits in the half year to December 2014, boosted by the sale of its stake in the Bluewater shopping centre, Kent, to Land Securities.
The group posted pre-tax profits of A$316m (£160m) up from A$251m in the same period in 2013.
Europe provided growth for the group of more than 800% year-on-year, up from A$8.2m to A$75.3m in 2014.
One- off additions included the sale of the facilities management business in Europe in July 2014.
Europe was the only market outside Lend Lease’s home to show growth in the half year.
Asia declined 72% and the Americas 22.7%.
Lend Lease increased pre-sold properties in Europe by 300% to more than A$1.1bn in the half year, and expects this trend to continue in the remaining half year.
The company says this will drive 2015 full-year net profits to more than A$628m, from A$604m for the full year to end of June 2014.
