But the focus on better margins and returns from the Olympic Village project lifted operating profits to £8.8m, up from £7.6m in the same period the year before. This helped return operating margins to 2.4% from 1.5% last time.

During the first six months the construction arm secured eight schools projects within the Birmingham BSF Programme, Banco Popular Phase 2 in Spain and the Lichfield project for the UK Ministry of Defence.

Overall the EMEA division, which includes the UK performance, saw EBITDA profits halve to £33.8m, due mainly to a reduction in the profit from the sale of assets compared to the prior period.

Lend Lease, Group CEO and Managing Director, Steve McCann said: “The UK business remains well placed with its major urban regeneration projects expected to contribute to future earnings as the market recovers.

Equity was sold in three operational UK healthcare and education PPP assets to its UK Investment Fund and interest in the Chelmsford Meadows retail asset.