Property developer Lend Lease expects further expansion into international markets will diversify its earnings over the longer term.
Chief executive Steve McCann says Lend Lease's existing pipeline of opportunities will deliver significant revenue and cash between financial year 2016 and financial year 2018.
"Over the longer term, we will look to further expand in international markets to provide a stronger growth outlook and to further improve our diversity of earnings," he told shareholders at Lend Lease's annual general meeting on Friday.
Mr McCann said Lend Lease remained confident in its outlook.
Lend Lease's project development pipeline has an estimated end value of $44.9 billion, of which 70 per cent comprises major urban regeneration projects.
Residential markets remain strong in Australia and the United Kingdom.
Lend Lease has 25 major apartment buildings and five commercial buildings in delivery.
"We are closely watching lead indicators for a change in the cycle, including a slowing rate of pre-sales for new launches should that emerge," Mr McCann said.
"We have also undertaken extensive work to mitigate risks and exposures in our portfolio."
Mr McCann said construction markets remain competitive.
But weakness in engineering revenue in Australia has been offset by strong building revenues.
Lend Lease made a net profit of $619 million in the year to June 30, 2015 in line with its guidance, but down nearly 25 per cent from a year earlier when profit was boosted by proceeds from the sale the Bluewater shopping centre in the UK.
Shares in Lend Lease were 22 cents lower at $12.05.
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