The sale of assets and increase in property values helps counter the £147m loss incurred at Wembley stadium
Multiplex doubled profit in 2006 despite the £147m loss incurred at Wembley stadium.
The Australian contractor reported a profit of £87m after tax for the year to 30 June 2006. Profit was boosted by the sale of assets and an increase in value of the company’s property portfolio.
The £147m loss at Wembley contributed to a loss in the construction division of £129m before tax.
Multiplex said that future prospects for 2007 were “sound” but admitted that project completions for the year ahead were likely to be lower than usual.
The contractor also announced it has transferred the construction of White City in West London to Westfield.
Multiplex said that the move recognised the number of design changes that Westfield had made since taking over the development of the scheme in May 2005.
The move will see Multiplex UK staff working on the site seconded or transferred to Westfield.
Multiplex chief executive Andrew Roberts said: “The transfer of the construction contract for White City will accelerate the repositioning of our UK construction workbook.”
“Our focus in the UK is predominantly on internally generated work from our own development projects.”