How Lendlease Group posted a strong interim profit report

Shares in international property and infrastructure giant Lendlease Group (ASX: LLC) are back on the incline after dumping down to $15.57 in mid-February, with prices rising 13% since then to sit at $17.92 at the time of writing.

Lendlease posted strong half-year results to kick off March with NPAT up 8% to $426 million and FY18 expected to meet expectations.

The half-year report showed issues within the construction division amounting to a $26 million loss before interest, tax, depreciation and amortisation during the six months to December, but the knock appears to be isolated and one-off as the 60-year-old company maintains an extensive project pipeline and strong fundamentals.

Lendlease announced a buyback plan for the next 12 months of more than 32 million shares up to $500 million in value – this represents close to 5% of shares on issue at the current trading price – and an interim dividend of 34c per share, up 3% on the previous corresponding period.

The Lendlease share price has generally tracked upwards in the last 5 years, with yesterday’s results likely to impact shareholder sentiment favourably.

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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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