Lendlease Leaks Results 3-Weeks Early

Lendlease will pay just over half its earnings out in dividends for the year to June 30.

The company said in draft financials, inadvertently released on Friday, that it earned a full-year net profit of $758.6 million, up from $698.2 million, and had earnings before tax and interest of $1.2 billion (which were up from $1.054 billion in 2015-16, a rise of just over 14%).

Earnings per security rose to 130.5 cents in the year to June and Lendlease says it plans a final dividend of 33 cents a security, up 3 cents from the final for 2015-16, making a total for the year of 66 cents, up from 60 cents.

Return on equity fell marginally to 12.9% from 13.0%.

"While preparing for our annual report online release scheduled for 28 August, a testing environment appears to have been inadvertently made accessible to the public through an automated search engine," Lendlease said on Friday.

"Unfortunately, six pages of the draft annual report … appear to have been accessed … The breach has been rectified and all further testing has ceased."

Lendlease made the leaked pages available following the breach in an announcement to the stock exchange to “ensure uniform disclosure".

The group estimates the total end value of its global development pipeline at $49.3 billion.

Shares in Lendlease rose immediately after the slip-up became apparent, then eased in the afternoon to close the week on $16.66, up 1.1%. Over the week the shares were down 1.7%.

Because of its big offshore operations, analysts say Lendlease will be hit by the rise in the value of the dollar.

"We expect that the FY17 results to be released to the market on 28 August 2017 will be in line with what is disclosed in the attached pages. If it becomes apparent that this is not the case, we will notify the market,” Lend Lease said in a statement to the ASX.

About Glenn Dyer

Glenn Dyer has been a finance journalist and TV producer for more than 40 years. He has worked at Maxwell Newton Publications, Queensland Newspapers, AAP, The Australian Financial Review, The Nine Network and Crikey.

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