THE year 2023 was meant to be a special one for Lendlease Group, as the Australian Securities Exchange-listed construction and real estate company celebrates 50 years since it expanded its operations into Singapore. But the group has found little reason for cheer.

Lendlease reported a statutory loss after tax of A$232 million (S$201 million) for the full year ended June, deepening from a loss of A$99 million the year before.

This was mainly due to the recording of a A$295 million provision on a retrospective, industry-wide action by the United Kingdom government.