FY21 Result: Lendlease (LLC) reported full year results this morning that were below expectations by around 4%. While core operating profit of $377m was up 83% YoY, it was around 4% below expectations while the full year dividend of 27cps was a whisker below the 28cps expected. The outlook was muted to say the least, with LLC calling out the complexities of operating a broad property business during a global pandemic. Current expectations for FY22 is for profit to jump ~70% to $501m, however their outlook provided this morning for FY22 is downbeat, pointing more towards a recovery in the outer years While there is not a lot built into the stock, it’s another result that points to better times ahead which has been very typical of LLC over the years. Shares are trading down 5% at $11.89
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