In Sydney,it is developing the new Waldorf Astoria hotel complex at Circular Quay and Lombardo confirmed the group would be looking closely at the newly unveiled plans for the $11 billion redevelopment above Central Station.

“I do think in the second half,we turned the corner,” Lombardo said after the results’ presentation.

“I think that was a key part of the strategy. A lot of the heavy lifting of the restructuring work took place in the first six months of the 2022 financial year,and we have started to see some benefits of how the second half is played out from the business.”

Lendlease declared a final dividend of 11 cents payable on September 21.

On a sector basis,the construction business was hit by delays from bad weather and COVID-19 issues but retained its backlog revenue at $10.5 billion. The subdued contribution from the development segment,which includes the communities residential operations,was the result of fewer completions and the impact of the change in the group’s approach to it joint venture projects.

In the year to June 30,the diversified group also formed $11 billion in investment partnerships that will underpin strong growth in funds under management,which it sees as an engine of growth. The work in progress is at a record $18.4 billion across its investment division.

UBS analysts said Lendlease continues to track towards its target returns for the 2024 year with development work in progress growing as projects move into production and costs savings are delivered.