Operating margin at the business also slipped back in 2024 to 3.5% from last year’s high of 5.5%.
Multiplex Construction Europe managing director Callum Tuckett said the fall in profit reflected phasing of major project completions and start dates with significant projects nearing completion in 2023 and secured projects starting last year.
He said after a focus on work winning last year Multiplex was sitting on a strong order book, putting it in a strong position for 2025.
Tuckett said: “The company has successfully completed two projects, winning several new major projects to be delivered in the next three years, and securing several pre-construction services agreements.
“We secured a number of PCSAs on commercial and higher education schemes and aim to convert a total of five PCSAs into main contracts, at the appropriate terms and conditions, during 2025.
“These project wins, combined with our strong pipeline, underpin our turnover and profitability expectations going forward.”
The workbook at year-end stood at £3.4bn, up from £2.3bn in 2023.
Multiplex ended the year with stable cash at £35m and staff headcount slightly up at 644 employees.
• St John’s Wood Square: a 5.5 acre scheme to transform the former Troop Royal Horse Artillery barracks in London into a super prime residential development in central London
• University of Glasgow Keystone Building: a major new learning, teaching and research building in the West End of Glasgow, on its historic Gilmorehill campus.
• 50 Fenchurch Street: around 650,000 sq ft of office space in London’s Square Mile.
• Television Centre Phase 2: two new residential buildings, located between the Hammersmith and City tube line, and a live television studio.
• London College of Communication, UAL Fit-out: a new creative hub as part of the broader Elephant & Castle town centre development scheme.
• New Zealand House: an adaptive re-use project in London retaining 90% of the existing structure and featuring 138,000 sq ft of office and hospitality space across 19 storeys.
• Holborn Viaduct: a modern commercial scheme in London
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