Renamed Bovis Construction suffered £16m loss last year

Results for the year ending 30 June, which have just been published at Companies House, show that Lendlease Construction suffered a loss of £16m (2023: £12m profit) on revenue down 7% at 471m.

US private equity owner Atlas completed the deal last week to buy Lendlease’s UK contracting business and resurrected the Bovis name retired 14 years ago.

New Bovis CEO David Cadiot, who signed off last year’s accounts, said a £21.3m exceptional loss impacted the company performance last year.

“Profit for the year has been adversely impacted by provisions made against historic contracts,” he said.

“These provisions are made against a contract type that Lendlease no longer engages in and
are considered an exceptional expense by directors.

“There has also been provision made against long-standing receivable balances. The business is actively working towards recovery of these balances, but management no longer views the recovery of these as highly probable. ”

He said the business had a strong platform to build on looking forward with pipeline of secured and preferred bidder projects of £2.8bn at year end.

During 2024 the contractor was named preferred bidder to deliver the Republic, the commercial building at Landsec’s Manchester Mayfield regeneration project, and Crystal Palace Football Club’s new stand at Selhurst Park.