The ( ) share price has slipped into the red on Monday after the company . At the time of publication, shares in the international property group are swapping hands at $6.25 apiece, more than 1.
5% in the red. Meanwhile, the (ASX: XJO) is slightly in the red as well at the time of writing. Let's see what the company reported.
Lendlease share price drops as FY24 numbers underwhelm The key takeouts from the year include the following: What else happened in FY24? Lendlease undertook several strategic initiatives aimed at streamlining operations and stabilising its share price. The company announced $1.9 billion in asset sales as part of a broader $2.
8 billion sales target for FY25. It also commenced the restocking of its Australian development pipeline. Projects include Gurrowa Place at Queen Victoria Market, and luxury apartments at Darling Point.
These are valued at $1.3 billion and $0.5 billion, respectively.
Despite this, the pipeline was overshadowed by heavy impairments linked to the company's internal overhaul and declining property values. This resulted in a 2% reduction in funds under management, tallying $47.3 billion at the end of FY24.
Lendlease's share price is sensitive to these figures, so a reduction could be impactful. The company also reported cost savings of $64 million, with further savings anticipated as management continues to simplify operations. What did management say? Lendlease CEO Tony Lombardo acknowledged the difficult year amid a "refreshed strategy".