Multiplex profit almost trebles as margin hits 5.5%

Aaron Morby 1 year ago
Share

Multiplex Europe’s construction business delivered a bumper 2023 with pre-tax profit almost trebled to £31m as several complex London schemes reached practical completion.

Multiplex Construction Europe managing director Callum Tuckett
Multiplex Construction Europe managing director Callum Tuckett

Turnover jumped 20%  to £675m with selective tendering helping the contractor to raise operating margin to 5.5% from 2.8% in the prior year.

Multiplex Construction Europe managing director Callum Tuckett said the firm was sitting on a strong order book putting Multiplex in a strong position for 2024.

He said: “Our workbook at the end of the year was £2.9bn (2022: £2.4bn) and included four mixed-use projects worth £2bn, five commercial projects worth £800m and higher education projects worth £100m.”

“We secured a number of PCSAs on commercial and higher education schemes and aim to convert a total of seven PCSAs into main contracts, at the appropriate terms and conditions, during 2024.”

Tuckett added that Multiplex remained disciplined as it looked at new work, ensuring the financial viability of schemes, as well as clients and subcontractors, while bidding work at appropriate terms with commensurate returns.

Among the big London contracts awarded last year Multiplex picked up Native Land’s 50-storey building at Bankside Yards near Blackfriars Bridge.

Native Land’s Bankside Yards scheme where Multiplex has already picked up the first two building projects

It also secured One Exchange Square in the City of London to remodel a 1980s 13-storey building to create 420,000 sq ft, and the restoration and upgrade of the Grade II listed IBM building on the Southbank for development manager Stanhope.

Provision for the year on contracts rose to £37m from £9m in 2022 while net cash also fell to £37m from £67m at the previous year-end.

 

 

Latest news

Four jailed after Keltbray corruption trial

Jail sentences following probe into jobs including Battersea Power Station
10 hours ago

JJ Rhatigan UK profit nearly doubles as turnover tops £150m

Irish contractor's expansion in England gathers pace
48 minutes ago

Driverless digger to be used on Taylor Woodrow site

Autonomous excavator to work at Manchester Airport after successful trial
53 minutes ago

Leeds United unveil stadium revamp design

Club has still to set a timeframe for staged Elland Road upgrade
7 hours ago

Bowmer & Kirkland boosts margins as profits surge to £69m

Revenue nudges up towards £1.3bn in year of expansion
23 hours ago

Offshore construction starts on £4bn windfarm

Foundations for first of 95 turbines installed: Watch video
23 hours ago

AECOM buys civils consultant Allen Gordon

Global giant acquires Scottish water and energy specialist
22 hours ago

Plans in for £1bn Northern Gateway site in Manchester

Plan for 500-acre manufacturing and logistic park advance
22 hours ago

RED wins £31m London Shoreditch student digs job

Two extra floors will be added to Willen House scheme
23 hours ago

Deconstruct handed £12m Grenfell demolition

Firm maintaining building awarded job without bid race to speed process
23 hours ago

Sizewell site workers get made to measure PPE

Bespoke fitting service on offer at new Bryson branch
23 hours ago

Comment: Gateway is acting like a barricade

Contractors left banging their heads on an (unbuilt) brick wall
4 days ago

Final phase of £1.5bn Elephant and Castle revamp hits planning

Get Living submits revised plan for 500 homes and 450-bed student block
5 days ago

Ealing backs final phase of £1.3bn estate rebuild

Friary Park estate rebuild in Acton reaches end stage
4 days ago

Green light for scaled-down Nottingham student tower

Glasshouse Street scheme will deliver 247 student rooms
4 days ago

Aston Villa to revamp North Stand

Club to reuse existing structure rather than complete rebuild
5 days ago

Mace signs ex-ISG director to lead Euro health and tech push

Gary Sweeney to head up healthcare and life sciences consultancy arm
4 days ago

Sir Robert McAlpine claws way back into profit

Firm says return to profit and strong cash balance validates new strategy
5 days ago

Severfield to cut staff by 6% amid pricing pressure

Steelwork contractor warns of extended tighter pricing due to project delays
5 days ago

JRL completes sale of 50% stake to Malaysian giant IJM

Deal boosts balance sheet and kicks starts growth plan
5 days ago

Green light for £100m Liverpool Baltic station build

Enabling highway works to start in the autumn
6 days ago

First live tests for flying construction robots

Drones can lay construction materials at height on site
5 days ago

Three firms land £170m Gentoo Sunderland housing deal

PHS Solutions, Esh and RE:GEN to deliver 10-year home upgrade plan
6 days ago

Gateway gridlock hits build-to-rent delivery as starts nosedive

Build to rent starts plunge 18% in the capital
6 days ago

Call to shift Gateway 2 checks to end building bottleneck

"The current system isn't working but we all want to see safe buildings"
6 days ago

GBN launches £600m bid race for SMR engineer roles

Owner engineers to provide technical and assurance services
6 days ago

Wates hires ex-Homes England chief to head public sector push

Robert Stone to spearhead its public sector and national frameworks strategy
6 days ago

Acheson Construction collapse costs suppliers £8.5m

One frustrated creditor seized a telehandler after contractor went into administration
7 days ago

Dominus wins go-ahead for 173-bed Glasgow scheme

Old Wynd Street job expected to cost around £25m to build
7 days ago

Safety Regulator misses deadline to clear Gateway 2 backlog

Investors pulling out of funding high rise buildings
7 days ago

Contractor services