Revenue for the year to June 2022 was flat at £554m with pretax profit marginally down to £19m from £20m previously.

Operating margins were slightly down at 3%.

Simon Gorski, managing director of Construction for Lendlease Europe, said: “2021/22 has seen the company continue to benefit from a strong pipeline of work.

“During this period, the company began work on site at 90 Long Acre and Deptford and continued development at our International Quarter London and Elephant Parksites.

“We also continued construction at several other projects across London, Manchester, Birmingham and Leicester.”

He said that despite economic headwinds Lendlease had increased bidding activity with significant wins during the year and a number of projects at the preferred bidder stage.

The headcount at Lendlease Construction (Europe) stands at around 1,100 staff with cash at bank at £72m and net assets up 9% to £203m.