London tower builder says slide in bottom line down to difference between projects wrapping up and new ones starting

Multiplex said profit fell last year because of the time between projects wrapping up and new ones starting.

Pre-tax profit at the London tower builder dropped 37% to £19.5m on revenue up 16% to £780m.

In accounts filed at Companies House, the firm said: “The difference in profitability is a result of significant projects nearing completion in 2023 and secured projects starting in 2024.”

multiplex

Multiplex is working on the mixed-use scheme at Bankside Yards at the southern end of Blackfriars Bridge in London

It added: “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.”

Among the jobs it won last year were the £400m 50 Fenchurch Street tower in the City, work on which is due to start this summer, a £150m job to revamp the 1960s built New Zealand House in St James’s and a £200m office scheme at Holborn Viaduct.

The firm has won a string of jobs in the past few months including a £500m deal to revamp the former ITV Studios headquarters on London’s South Bank as well as overhauling 75 London Wall project, which was the firmer home of Deutsche Bank.

Multiplex said its construction backlog revenue , which it defines as future revenue on secured contracts, stood at £2.1bn at the year-end, up from £1.1bn last time.

It added: “We remain disciplined as we look at new work, ensuring the financial viability of schemes, as well as clients and subcontractors, while bidding work at appropriate terms with commensurate returns.”

Cash at the year-end was £34.6m, a fall of 6% on 2023’s number.

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