Wembley contractor Multiplex has increased its expectations of loss on the project by a further £3.6m, despite claiming the stadium will still be finished on time.
In results posted last week, the contractor confirmed that it had lost at least £48m on the project, a figure that many commentators predict will increase before the stadium is complete. The Australian developer reduced its group profit forecast 8.5% for 2006.
Problems on the stadium have been overwhelmingly responsible for the £26m loss suffered by the developer’s construction division – a figure that disguises the real losses in the division owing to Multiplex owner the Roberts family putting up £21m earlier this year.
Chief executive Andrew Roberts said he was extremely disappointed with the impact the Wembley project had had on results. He said: “We’ve never seen a cost movement like the one we’ve seen in relation to this project.”