Turnover edges towards £1bn but timing of jobs starting sees profit fall at Multiplex

Profit at Multiplex fell again last year which the firm said was down to the timing of old projects completing and new ones starting up.

Pre-tax profit at the London tower builder was down by half to just under £10m, having fallen a third in 2024, on revenue up a quarter to £973m.

In accounts filed at Companies House, the firm said: “The difference in profitability is a result of significant newly secured projects being in their infancy in 2025 while two large projects completed in 2024. The company continues to make technical and operational improvements to enhance future productivity and improve profitability.”

The firm inked deals for the redevelopment of 75 London Wall for Castleforge and the Minerva House scheme in Southwark for GPE during the year. It said the value of both was around £380m with the former worth around £300m.

It added: “We also secured two PCSAs on commercial schemes and aim to convert a total of four PCSAs into main contracts during 2026. These project wins, combined with our strong pipeline, underpin our turnover and profitability expectations going forward.”

Earlier this month, Multiplex took over as main contractor on the £500m scheme to redevelop ITV’s former London headquarters, now called Vista, on the South Bank for CO-RE while it is due to start on the £150m 50 Baker Street scheme for Derwent later this summer. The firm is also in a PCSA for the £400m Dovetail Building off Bishopsgate for Brockton Everlast.

And schemes the firm expects to hear whether it’s been successful on in the coming months include the £500m redevelopment of One Spitalfields for JP Morgan, a £300m scheme forImperial College and the stalled mixed-use scheme at 18 Blackfriars for Hines, with a winner on this job now expected by the summer.

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

Multiplex said its construction backlog revenue, which it defines as future revenue on secured contracts, stood at £1.7bn at the year-end, down from £2.1bn last time.

Cash at the year-end was £53m, up 53% on 2024’s number.