Bovis profit up to £44m

Bovis Lend Lease (BLL) produced a profit after tax of £44m in the six months to 30 June, a third higher than in the same period a year ago.

John Spanswick, who has headed up the business for the past two years, said last week that he was pleased with BLL's steady evolution. "We've moved into PFI healthcare; we're getting established in PFI education; and we're hoping to get established with the Ministry of Defence."

BLL is part of Lend Lease's Real Estate Solutions (RES) business in Europe. As chief executive of RES, Spanswick hopes to expand the volume of work won on the continent. The split of RES's turnover currently stands at 80:20 between the UK and the rest of Europe. He would like the ratio to be 60:40.

"Eastern Europe should open up in the next few years," said Spanswick. "Poland, the Czech Republic and Hungary should all benefit from a big influx of funds, and we have positioned our business to track it."

The proportion of BLL's profits derived from long-term contracts and relationships has increased from 36% last year to 38%.

Wins during the year included the £247m BBC White City project in London for Land Securities and phases one and two of Chelsea Bridge Wharf, worth £80m, for Berkeley Homes.