European success boosts Bovis Lend Lease profits

Bovis Lend Lease’s latest financial results show an operating profit before tax of £76m, up from the figure of £68m in the previous year.

Bovis’s operations in Europe contributed £42m of the latest profit tally.

Figures published by Bovis’s parent group, Lend Lease Corporation, show a turnover of £3.8bn in the 12 months to 30 June 2005.

A few days later, on 8 July, Lend Lease announced a major reorganisation which resulted in the formation of three global businesses, one of these being titled project management, construction and PFIs. In essence this is the Bovis division.

Lend Lease has supported Bovis’s transformation into an active player in two new market sectors – D&B and two-stage lump sum - which now account for 80% of Bovis’s turnover.

New contracts awarded in the UK commercial sector include the £100m deal to build the second and third phases of Land Securities’ Bankside development in London and a giant 1ha steel and concrete deck to support the second phase of a Paddington Central development.

Bovis is active in PFI, particularly in healthcare. It has three hospitals open and five more under construction in the UK, together with one hospital in Italy and another in Spain.