Bovis reveals static interim profit

Bovis Lend Lease (BLL) made an operating profit before tax in its European division of £20.1m in the six months to the end of 2003.

Turnover eased to £350m from £450m in the same period of 2002. "Our construction business in Europe continued to perform strongly in a highly competitive market," said Adrian Chamberlain, chief executive of Lend Lease EMEA (Europe, the Middle East and Africa).

"Bovis Lend Lease ended 2003 on a high note with important project wins at Battersea, Cambridge and Leeds. At Burnley, another Catalyst Healthcare PFI hospital reached financial close, and Debut Services was selected as preferred bidder for Defence Estates' £500m South West Prime Contract."

Bovis is a member of two PFI consortia - Catalyst when bidding healthcare and Debut for operations in the defence sector.

BLL operates in three global divisions. While Europe was firing well, and America added a further £17m of profit, there were troubles in Australia, Lend Lease's own backyard where a loss of £9m stemmed from three residential projects in Canberra went pear-shaped. They were "an aberration" said the group. It has put a new management team in place.