Income at 100 Bishopsgate builder set to rebound this year as profit jumps in 2022
Multiplex said it expects revenue to head north this year when recently won work starts to ramp up after the firm revealed income dropped by close to a third in 2022.
The London tower builder said turnover slumped from £793m to £562m in 2022 as schemes wrapped up and the firm stopped work on the One Nine Elms project in Battersea for several months because of a payment dispute.
In its latest accounts filed at Companies House, the firm behind the 100 Bishopsgate and 22 Bishopsgate towers said: “We reached practical completion on several large scheme while newer jobs secured during the year will only start to deliver meaningful turnover in 2023 and beyond.”
Jobs won last year include the redevelopment of the IBM building on London’s South Bank, known as 76 Upper Ground, for Stanhope and a 50-storey tower at Native Land’s Bankside Yards scheme at the southern end of Blackfriars Bridge.
Pre-tax profit was up from £2.6m to £11m while a tax credit of nearly £7m took its profit after tax to £18m from £2m in 2020.
Multiplex, which last year said it completed £700m-worth of work, recently won a £200m scheme to carry out a job to revamp One Exchange Square in the City of London for LaSalle and is one of three chasing British Land’s latest deal at its redevelopment of its Broadgate campus called 1 Appold Street.
The firm said the number of staff at the business dropped from 725 to 652 at the year-end while net cash was up from £15m to £67m.
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