Multiplex returns to profit after overcoming COVID hit

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Multiplex UK has returned to nett post-pandemic aft posting a 32 per cent emergence successful gross successful 2021.

The contractor’s UK operation, Multiplex Construction Europe Limited, posted a £2.6m pre-tax nett for the twelvemonth to end-December 2021, compared with a nonaccomplishment of £158.6m for the aforesaid play of 2020.

The company’s gross roseate from £599.4m to £793m, up by 32.3 per cent connected the erstwhile year. Revenue is inactive little than the £872m posted by the contractor successful 2019, but profits person turned around from the £14m pre-tax nonaccomplishment it reported successful the twelvemonth anterior to the pandemic.

Multiplex stated that its workbook stood astatine £2.7bn, up £200m from £2.5bn successful 2020. A breakdown of the pipeline showed that 4 residential schemes were worthy £1.9bn, 5 commercialized projects were valued astatine £675m and respective higher acquisition projects had a worth of £150m.

Five caller task wins were secured successful 2021, worthy a combined £800m. These see Grosvenor Square, the redevelopment of the US Embassy successful Mayfair, a 36-storey bureau strategy astatine 1 Leadenhall, an bureau artifact supra the caller Crossrail presumption astatine Bond Street, Phase 2a of Elephant & Castle municipality centre and the Adam Smith concern school.

In its institution fiscal statement, Multiplex said its erstwhile losses were “due to charges straight attributable to COVID-19”.

Commenting connected the latest results, Multiplex said: “We secured 5 caller projects, successfully completed 5 jobs, and implemented a fig of operational and different changes that volition acceptable america up for aboriginal success.

“These accomplishments each occurred portion COVID-19 closed the commencement of 2021, and caller variants continued to situation the mode successful which we and our proviso concatenation operate.”

Last month, workers were sent location from Multiplex’s £900m One Nine Elms scheme aft it was revealed that developer R&F Properties had yet to wage the contractor for enactment it had done connected the scheme.

Late past year, a tribunal declined to propulsion retired a £73m assertion by Greater Glasgow Health Board against Multiplex for defects connected a infirmary build.