{"id":436529,"date":"2021-04-28T13:07:09","date_gmt":"2021-04-28T12:07:09","guid":{"rendered":"https:\/\/www.constructionnews.co.uk\/?p=436529"},"modified":"2021-04-28T13:07:09","modified_gmt":"2021-04-28T12:07:09","slug":"multiplex-suffers-159m-covid-loss","status":"publish","type":"post","link":"https:\/\/www.constructionnews.co.uk\/contractors\/multiplex\/multiplex-suffers-159m-covid-loss-28-04-2021\/","title":{"rendered":"Multiplex suffers \u00a3159m COVID loss"},"content":{"rendered":"<p>Multiplex UK made a pre-tax loss of \u00a3158.6m in 2020, which it has blamed on the COVID-19 pandemic.<\/p>\n<p>The contractor, best known for its work on high-rise projects in London, closed its sites after lockdown was introduced in late March 2020 and said its productivity was hit after it began <a href=\"https:\/\/www.constructionnews.co.uk\/contractors\/multiplex\/multiplex-reveals-major-london-sites-have-reopened-16-04-2020\/\" target=\"_blank\" rel=\"noopener noreferrer\">reopening sites a month later<\/a>.<\/p>\n<p>Its turnover stood at \u00a3599m for the year to 31 December 2020, down from the \u00a3872m recorded for the previous 12 months.<\/p>\n<p>It had said, <a href=\"https:\/\/www.constructionnews.co.uk\/contractors\/multiplex\/multiplex-suffers-covid-hit-of-up-to-170m-08-01-2021\/\" target=\"_blank\" rel=\"noopener noreferrer\">when it released its 2019 results<\/a>, that its pandemic-related loss would be between \u00a3130m and \u00a3170m. The \u00a3158.6m figures was down from the \u00a314m pre-tax loss it reported for 2019.<\/p>\n<p>Callum Trickett, chief operating officer for Europe, the Middle East and Canada, said: \u201cThe company remained resilient throughout the past year; we overcame great challenges and unprecedented obstacles, while continuing to enhance our business.\u201d<\/p>\n<p>He said that site shutdowns and re-openings with social-distancing measures in place \u201cultimately led to increased costs and reduced productivity\u201d, but added that, \u201cover the course of the year, we have adapted quickly to changing employee welfare standards, best protecting our people and enabling our projects to return to reasonable productivity levels\u201d.<\/p>\n<p>The firm <a href=\"https:\/\/www.constructionnews.co.uk\/contractors\/multiplex\/multiplex-suffers-covid-hit-of-up-to-170m-08-01-2021\/\" target=\"_blank\" rel=\"noopener noreferrer\">has previously detailed<\/a> a cost-cutting programme carried out in 2020, which resulted in 72 staff being made redundant and 42 more taking voluntary redundancy. According to its 2020 results, the company had 806 employees in the year, compared to 854 in 2019, although some administration staff are employed by a sister company.<\/p>\n<p>Trickett noted that the contractor has not been adversely affected by COVID-19 in 2021, noting its landing of the <a href=\"https:\/\/www.constructionnews.co.uk\/contractors\/multiplex\/multiplex-lands-former-us-embassy-job-08-03-2021\/\" target=\"_blank\" rel=\"noopener noreferrer\">\u00a3400m redevelopment of former US Embassy in Mayfair<\/a> and revealing the firm has also won a 35-storey office tower at <a href=\"https:\/\/www.constructionnews.co.uk\/buildings\/sectors\/plans-for-36-storey-1-leadenhall-set-for-approval-24-01-2017\/\" target=\"_blank\" rel=\"noopener noreferrer\">1 Leadenhall Street<\/a> in the City of London in the first quarter of the year. The scheme was given planning approval in early 2017.<\/p>\n<p><a href=\"https:\/\/www.constructionnews.co.uk\/contractors\/multiplex\/multiplex-fails-in-5m-legal-claim-over-100-bishopsgate-22-03-2021\/\" target=\"_blank\" rel=\"noopener noreferrer\">As revealed by <em>Construction News<\/em> in March<\/a>, the firm failed in a \u00a35m attempt to sue the insurer of a failed design consultant that worked on 100 Bishopsgate, which concrete specialist Dunne had been working on before it went under in 2016. The case concluded outside of the period covered by the results, but Trickett noted in his statement that among its priorities is \u201cworking closely to align ourselves with high quality and financially robust supply chain partners to limit the risk of subcontractor non-performance\u201d.<\/p>\n<p>Multiplex also unveiled new emission targets today, announcing steps it wants to take to become a net-zero carbon company by 2030. Measures include taking its onsite emissions down to zero by 2025.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Multiplex UK made a pre-tax loss of \u00a3158.6m in 2020, which it has blamed on the COVID-19 pandemic. The contractor, best known for its work on high-rise projects in London, closed its sites after lockdown was introduced in late March 2020 and said its productivity was hit after it began reopening sites a month later. &#8230;<\/p>\n","protected":false},"author":53981,"featured_media":361557,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false,"footnotes":""},"categories":[552,541],"tags":[],"class_list":["post-436529","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial","category-multiplex","issue-30-april-2021"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.7 (Yoast SEO v26.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Multiplex suffers \u00a3159m COVID loss | Construction News<\/title>\n<meta name=\"description\" content=\"Multiplex UK made a pre-tax loss of \u00a3158.6m in 2020, which it has blamed on the COVID-19 pandemic. 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