Lend Lease said its profits increased 17% as its revenue dropped a fifth in the first half of its financial year.

Lend Lease global revenues fell by 22% to AU$4.4bn in the first six months of its financial year, covering the six months to 31 December 2010, compared to AU$5.6bn in the same period a year earlier. Its operating profit after tax increased to AU$220m in 2010, up from AU$188m in 2009.

Along with its results announcement, Lend Lease confirmed it would drop various brand names, including the Bovis name, as reported by Ðǿմ«Ã½, over the next 18 months.

Lend Lease Europe chief executive Dan Labbad said: “Simplifying our branding and moving to a unified name, ’Lend Lease’, signifies an important and exciting step under our regionalised business structure.

“In addition to the benefits that a unified brand delivers, we will continue to provide best in class services to our partners and clients.â€

Commenting on the group’s future outlook, group chief executive Steve McCann said: “We are seeing some encouraging signs offshore and are well positioned to leverage a recovery in the US and UK markets and continue to benefit from the growth in Asia through our retail and mised-use development platform.

“We are positive about the group’s operating outlook.â€

The European market is increasingly important to the firm, representing 34% of group turnover in the first half of its 2010 financial year, compared to 29% a year earlier.