Revenue at Lendlease Construction (Europe) dropped by a fifth to £443m in the year to June 2020 as the construction lockdown and safe site working practices slowed activity.

To support staff pay during the lockdown Lendlease received £2.6m from the Government job retention scheme.

The strategy of selective bidding limited the company’s exposure to the Covid-19 crisis, allowing it to remain in the black despite the challenging circumstances.

Cash in hand remained steady at £65m.

The firm is looking to cut staff numbers in the UK as it refocuses its business with an eye on greater investment in major mixed-use urban regeneration work.

Around 240 staff from its 1,350-strong team are at risk in the shake-up.

Lendlease said it remained committed to its pipeline of opportunities secured in the UK where it still saw considerable longterm potential.

The business said it had good longterm opportunities in the Euston Station development, Silvertown and Thamesmead in London.