The UK’s capital city has helped the contractor to rapidly expand over the last year


Multiplex has hit £1bn turnover on the back of London’s skyscraper boom.

The contractor reported a 67% jump in its turnover for last year to £1.04bn, up from £620m for 2015.

Multiplex said its revenue had increased in part due to five projects on which the firm had pre-construction services agreements being converted into full contracts during last year.

These projects included the £589m contract to build Lipton Rogers huge Square Mile tower 22 Bishopsgate, which got the final go-ahead from its investors last autumn.

Multiplex added that it believed it was “well placed to maintain revenues in excess of £1bn” citing its recent appointment by Chinese developer Wanda One to build its luxury residential tower One Nine Elms in South West London.

The firm’s rapid expansion has also seen its staff numbers rocket up by 225 to number 931-strong.

However, Multiplex’s pre-tax profit for the year ended 31 December 2016 slid to £16m, down 27% on the previous year’s pre-tax profit of £22m.