Revenue down as contractor focuses on long term clients
The European arm of contractor Lend Lease has seen profit jump 50% after adopting a more selective bidding policy.
Accounts filed at Companies House by Lend Lease Construction Europe the Middle East and Africa (EMEA) reported pre-tax profit of 拢20.4m in the year to 30 June 2012, up from 拢13.5m in the previous year.
However, the firm also reported a drop in revenue to 拢545m over the period from 拢605m in the previous year.
Beverley Dew, director of Lend Lease Construction (EMEA), said the firm was, 鈥減rioritising longer term value base relationships over short term cost based bidding activity鈥�.
He added: 鈥淭he company has repositioned its operating business units to facilitate customer driven growth across the broad business鈥� The company continues to focus on improving profitability and risk management with cost control remaining at the forefront of management activities.鈥�
The firm saw staff numbers fall from an average of 1,380 staff engaged in the construction industry in 2011 to 878 over 2012. Subsequently, staffing costs fell from 拢97m to 拢74.7m.
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