Multiplex’s European profit soars

Multiplex has almost trebled its profit in Europe after a “strong” year.

The London-based arm of the Australian contracting giant reported pre-tax profit of £31m for the 12 months to 31 December 2023.

This was up from £11.1 in the previous year, and just £2.6m in 2021.

Revenue rose by a fifth to £675.4m in the latest period but remained below the £793m posted two years earlier.

Staff numbers were down slightly to an average of 625 in 2023, while total employment costs grew by 5 per cent to £78.9m.

At £37m, cash holdings at the end of last year were £30m lower than at the conclusion of 2022. But the company’s order book was a fifth higher at £2.9bn.

A directors’ report included with the accounts said Multiplex Construction Europe had “performed strongly” in 2023.

“We neared or reached practical completion on several large schemes, secured several new projects, successfully completed three jobs and made continuous incremental technical, operational and other improvements that will set us up for ongoing success,” it added.

Major London contracts secured last year included the upgrade of the IBM building at 76 Upper Ground, creation of 39,000 square metres of workspace at One Exchange Square and a 50-storey residential tower at Bankside Yards

Meanwhile, the City of London Corporation last year received preliminary notification of a proposal for a 54-storey skyscraper at 99 Bishopsgate, which includes Multiplex Europe’s HQ.

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