Multiplex turnover soars to record £1bn on tower boom

Aaron Morby 1 year ago
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London high-rise builder Multiplex has ramped up revenue by two-thirds to a record £1bn as a dozen major projects topped out last year.

Multiplex's 22 Bishopsgate Tower was signed off at £589m

But the strong revenue growth failed to drop to the bottom line with pre-tax profits sliding from around £22m in 2015 to £19m last year.

As a result operating margins halved from the 2015 high of 3% to industry norms of around 1.5%.

Multiplex also revealed for the first time the contract for 22 Bishopsgate Tower in the city of London was signed at £589m.

Ross Ballingall, managing director of Multiplex Construction, said the firm was now well placed to maintain revenues in excess of £1bn.

“The recent announcements of our involvement in One Nine Elms, together with a number of other projects on which we are engaged prior to signing the full building contract bode well for the company on the immediate future.

Multiplex’s order book is 16% up on the previous year at £3.6bn, with the firm contracted to deliver 6.7m sq ft of commercial space for a total value of £2.14bn.

It also has nine high-end residential projects with a construction value of £1.1bn to deliver 1,098 luxury flats.

Multiplex: Last five years
2016 2015 2014 2013 2012
Pre-tax profit £19m £22m £5m £11m £8m
Revenue £1036m £620m £284m £295m £22m

 

Rising workloads saw Multiplex recruit strongly during 2016 lifting staff headcount from around 700 to 931, helped by a record graduate intake.

Last September the Canadian property company owner Brookfield dropped its name from the company contracting brand.

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