Lendlease Group’s Shares Mounted On ASX After The announcement Of AGM Results

  • Nov 16, 2018 AEDT
  • Team Kalkine
Lendlease Group’s Shares Mounted On ASX After The announcement Of AGM Results

Lendlease Group (ASX: LLC) held its Annual General Meeting on 16 November 2018, following which the share price of the company increased by 1.959 percent. The Chairman and Chief Executive Officer & Managing Director both addressed the shareholders at the AGM. While Addressing the Shareholders at the AGM, the Chairman of the company Mr. David Crawford expressed his disappointment with regards to the recently released announcement related to the underperformance in the financial position of Engineering and Services Business. 

He further informed about the two fatalities which occurred on Lendlease projects in FY 2018 and assured the shareholders that the safety is the number one priority of the company and it is committed to the health and safety of all its people. While discussing the FY18 performance, he informed about the Profit after Tax of $793 million which was 5 percent higher than the previous financial year. This increase in the profit highlights the strength of the business model and the diversity of earnings by both segment and geography. In FY 2018, the Securityholders received a distribution of 69 cents per security. The payout ratio of the company was 50% in FY 2018, which is in the middle of the target range of 40 to 60 percent of earnings.

He further informed about the likely provision of approximately $350 Mn for the Engineering and Services business which predominantly relates to a small number of projects. He said that the Board of the company is confident that Steve (Managing Director) and the senior leadership team are taking the necessary actions to address the problems within the Engineering business and to put it on the right footing. Mr. Crawford also announced that he’ll retire following the AGM and current Non-Executive Director Mr. Michael Ullmer will replace him in his role.

The company’s CEO and Managing Director Mr. Steve McCann also addressed the shareholders at the AGM and while talking about the financial performance of the company he told that the company recorded a strong financial result and further the company has successfully implemented its strategic agenda, which sets the Group up very well for the future. He also informed about the two investment partnerships which were launched in the residential for rent sector. The company also secured capital partners for three office developments in London and Australia that are expected to add $1bn to future funds under management upon their completion. Further, the company also established a joint venture in its Retirement Living business with the large Dutch pension fund, APG, endorsing its strategy to focus on the ageing demographic. In the month April, the company extended its extensive retirement living capabilities into China, where the company is developing its first Retirement Village in Shanghai. He also informed that the Company’s Board has approved capital management in the form of a buyback of up to $500 million and to date the company has acquired 17 million securities for a consideration of $313 million.

In the last six months, the share price of the company decreased by 27.57 percent as on 15 November 2018. LLC’s shares traded at $13.530 with a market capitalization of circa $7.53 billion as on 16 November 2018 (AEST 4:00 PM).


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