Multiplex brings profit back on track

Aaron Morby 1 month ago
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Profits at London tower builder Multiplex Construction recovered last year after a stronger focus on operational business risks.

Paul Maguire, Mutiplex commercial finance director, says strong work pipeline will underpin performance this year

Latest private accounts for Multiplex Construction Europe saw pre-tax profit recover to £18m, up from £4.2m previously.

Paul Maguire, Commercial Finance Director, said the contractor now focussed tender efforts where it had the experience and resources to deliver successful projects.

He said Multiplex had also worked to align itself with financially robust supply chain partners, following the collapse of concrete firm Dunne in 2017, and had established a transparent culture of project reporting.

Revenue slipped to £1.1bn last year.

Multiplex: Last five years
2018 2017 2016 2015 2014
Pre-tax profit £17.9m £4.2m £19m £22m £5m
Revenue £1064 £1155m £1036m £620m £284m

Maguire said Multiplex's strong pipeline of work would now underpin turnover and profitability in the year ahead.

At December year-end the contractor's work book rose to £4.6bn, up from £4.3bn in 2017.

Presently Multiplex has nine residential projects on the go worth £2.1bn and six commercial projects worth £2.1bn.

Net assets at Multiplex fell £50m to £89m due to due to a major adjustment relating to a new accounting standard IFRS 15.

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