Lend Lease Group (ASX:LLC) says it has delivered profit growth of 5.2% for the 2010 financial year to $324 million, but warns overseas construction markets remain difficult, and construction volumes in Australia are likely to decline.
The property developer posted net profit growth to $345 million for the year to 30 June, marking a turnaround from the $653.6 million loss reported the year before.
Lend Lease has declared a final dividend of 12 cents fully franked, bringing full year dividends to 32.1 cents, representing a payout ratio of 50% of operating profit after tax.
CEO and Managing Director Steve McCann says the company delivered a solid result within its earnings guidance and is optimistic about the future.
While Mr McCann has cautioned that both offshore and local markets continue to face challenges, he says Lend Lease is well positioned to capitalise on the major property trends.
Lend Lease Group reported a loss of $653.6 million for the year to 30 June 2009.
LLC Price at posting:
$7.12 Sentiment: None Disclosure: Held
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