Legal bills and fall in UK project revenue dent Australian contractor's full year results

Multiplex has seen net profits fall by 32% after a slowdown in its UK construction sector.

Net profits after adjustments were £56.1m in the 12 months leading up to 30 June. Last year they were £82.5m.

Operating revenue fell by 6.4% to £1.43bn, after construction work in the UK slowed down. White City was handed over to Westfield and Wembley was completed, while the only big project that was taken on was the £339m Peterborough Hospital.

Multiplex also weathered A$55m of corporate expenses, including legal costs from its settlements with the Australian Securities and Investments Commission and Wembley National Stadiums Limited over the troubled Wembley Stadium project.

The company’s net assets increased by 15% from £1.27bn to £1.47bn.