Lend Lease announces increased profits but decreased revenue as Michael Ullmer joins board

Lend Lease has appointed Michael Ullmer to its board as it announced increased profits but decreased revenue.

Ullmer stepped down as deputy group chief executive at National Australia Bank in August.

He also serves on the Fosters Group board.

Chairman of Lend Lease David Crawford welcomed Ullmer.

“Michael’s 30 year-career in international strategy and banking and his financial and executive management experience will be a valuable addition to the board,” Crawford told shareholders at the company’s annual general meeting.

Crawford reported an operating profit of $485 million for 2011, a 50% increase on Lend Lease’s $323 million operating profits in 2010.

Lend Lease’s revenue slipped 15% from 2010, decreasing from $10.57 billion to $9.014 billion.

Crawford reported the infrastructure business had a backlog of $6.3 billion including secured and pending work and was the preferred bidder on a further $1.2 billion of work.

He said statutory profit after tax for the year was $492.8 million.

Crawford said one of the most significant achievements was acquiring Valemus Australia, the parent company of Abigroup, Baulderstone and Conneq. He said the acquisition materially increased the group’s capabilities and activities in the engineering and construction market in Australia.