Accounts seen by the Enquirer for the Olympic Village builder show pre-tax profits for the year to June 30 2012 rose to £20.3m from £13.5m last time while turnover dipped to £543m from £605m.

Lend Lease Construction (EMEA) cut £16m from its wage bill during the year as the number of staff fell to 878 from 1,380.

Reorganisation of business units included  separating the London arm to operate as a distinct division.

The UK regions now comprise of operational centres in the South of England, the Midlands and the North.

The Scottish business is a key component of the UK Regions but its results are reported separately within the Lend Lease Construction (Scotland) Limited accounts.

Lend Lease has also created a Sector Business Unit to service Ministry of Defence and Ministry of Justice clients and to act as a centre of excellence for the Health and Education businesses.

The firm said it was prioritising “longer term, value based relationships over short term cost based bidding activity.”

During the year, Lend Lease delivered the Athletes Village for the 2012 Olympic Games, completed six projects under the ‘SLAM’ framework for the MoD and seven schools reached practical completion on the Birmingham BSF framework.