The UK construction arm of Bovis Lend Lease has experienced a sharp fall in revenue for the year ending 30 June 2010, after wrestling with a 鈥渟ignificant slowdown鈥� in its main markets.
Bovis Lend Lease EMEA (Europe, Middle East, and Africa), which comprises mostly UK business, delivered a turnover of 拢1.24bn, down 22% on the 拢1.59bn posted a year ago. Profit before tax fell to 拢25.4m from 拢26.8bn.
Bovis is the project management, design and construction arm of Australian property giant Lend Lease, which announced its annual results in Sydney this morning.
The firm's overall revenue was 拢6.05bn, down from 拢8.46bn a year ago. Its EMEA geographic segment, which includes development and PPP businesses, reported a 拢1.43bn turnover in total, compared to 拢2.12bn in 2009.
The global business as a whole made a pre tax profit of 拢198m compared to a loss of 拢374m a year ago.
Key contributions to Lend Lease's EMEA revenue include the Athletes鈥� Village project for the 2012 Olympic and Paralympic Games in London, the Peel Media City mixed-use project in Manchester, and Ministry of Defence projects.
During the year, it finalised the conditional agreement for the 拢1.5bn regeneration of Elephant & Castle, and 拢1.3bn development of the second stage of Stratford City where a conditional framework agreement was signed.
Lend Lease described trading conditions across Europe and the Middle East as 鈥渄ifficult鈥� and said it was 鈥渓ikely to underperform in the medium term鈥�.
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