Lendlease issues profit warning | Construction Dive

Dive Short:

  • Australia-based contractor Lendlease said on Thursday that it anticipates a main income for fiscal yr 2021 of concerning $375 million and $410 million in Australian pounds ($281 million and $307 million USD) right after taxes, which is down from an earlier market consensus of concerning AU$469 million and AU$525 million.
  • CEO Tony Lombardo spoke about the projection on a connect with with buyers, blaming most of the minimize on the coronavirus. “COVID-19 proceeds to effects the business negatively,” he said.
  • Nevertheless, Lendlease’s harmony sheet and liquidity posture keep on being potent, the organization said in a push release. Thursday’s announcement marked the second time that the organization has downgraded its income advice in the previous two decades.

Dive Perception:

Lombardo said on the connect with that the pandemic tremendously impacted the firm’s profitability, particularly on assignments in London. He took above as CEO on June 1 when

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