{"id":454745,"date":"2022-03-17T12:09:43","date_gmt":"2022-03-17T12:09:43","guid":{"rendered":"https:\/\/www.constructionnews.co.uk\/?p=454745"},"modified":"2022-03-17T12:09:43","modified_gmt":"2022-03-17T12:09:43","slug":"multiplex-returns-to-profit-after-overcoming-covid-hit","status":"publish","type":"post","link":"https:\/\/www.constructionnews.co.uk\/sections\/news\/multiplex-returns-to-profit-after-overcoming-covid-hit-17-03-2022\/","title":{"rendered":"Multiplex returns to profit after overcoming COVID hit"},"content":{"rendered":"

Multiplex UK has returned to profit post-pandemic after posting a 32 per cent rise in revenue in 2021.<\/p>\n

The contractor\u2019s UK operation, Multiplex Construction Europe Limited, posted a \u00a32.6m pre-tax profit for the year to end-December 2021, compared with a loss of \u00a3158.6m for the same period of 2020.<\/p>\n

The company\u2019s revenue rose from \u00a3599.4m to \u00a3793m, up by 32.3 per cent on the previous year. Revenue is still lower than the \u00a3872m posted by the contractor in 2019, but profits have turned around from the \u00a314m pre-tax loss it reported<\/a> in the year prior to the pandemic.<\/p>\n

Multiplex stated that its workbook stood at \u00a32.7bn, up \u00a3200m from \u00a32.5bn in 2020. A breakdown of the pipeline showed that four residential schemes were worth \u00a31.9bn, five commercial projects were valued at \u00a3675m and several higher education projects had a value of \u00a3150m.<\/p>\n

Five new project wins were secured in 2021, worth a combined \u00a3800m. These include Grosvenor Square, the redevelopment of the US Embassy in Mayfair, a 36-storey office scheme at 1 Leadenhall, an office block above the new Crossrail station at Bond Street, Phase 2a of Elephant & Castle town centre and the Adam Smith business school.<\/p>\n

In its company financial statement, Multiplex said its previous losses were \u201cdue to charges directly attributable to COVID-19\u201d.<\/p>\n

Commenting on the latest results, Multiplex said: \u201cWe secured five new projects, successfully completed five jobs, and implemented a number of operational and other changes that will set us up for future success.<\/p>\n

\u201cThese accomplishments all occurred while COVID-19 closed the start of 2021, and new variants continued to challenge the way in which we and our supply chain operate.\u201d<\/p>\n

Last month, workers were sent home from Multiplex\u2019s \u00a3900m One Nine Elms scheme<\/a> after it was revealed that developer R&F Properties had yet to pay the contractor for work it had done on the scheme.<\/p>\n

Late last year, a court declined to throw out a \u00a373m claim by Greater Glasgow Health Board against Multiplex for defects on a hospital build<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Multiplex UK has returned to profit post-pandemic after posting a 32 per cent rise in revenue in 2021. The contractor\u2019s UK operation, Multiplex Construction Europe Limited, posted a \u00a32.6m pre-tax profit for the year to end-December 2021, compared with a loss of \u00a3158.6m for the same period of 2020. The company\u2019s revenue rose from \u00a3599.4m …<\/p>\n","protected":false},"author":19441,"featured_media":454788,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false,"footnotes":""},"categories":[541,2164],"tags":[],"class_list":["post-454745","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-multiplex","category-news","editorial-multiplex","issue-online-news"],"yoast_head":"\nMultiplex returns to profit after overcoming COVID hit | Construction News<\/title>\n<meta name=\"description\" content=\"Multiplex UK has returned to profit post-pandemic after posting a 32 per cent rise in revenue in 2021. 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