London tower builder says it is picking which clients to work with

Multiplex turned in an improved set of results last year as the firm behind the revamp of the IBM building on London’s South Bank saw profit nearly treble in 2023.

The London tower builder said turnover was up 20% to £675m with pre-tax profit jumping from £11m to £31m.

The firm, which is bidding several high-profile schemes at the moment including 50 Fenchurch Street, 99 City Road and the 75 London Wall and 1 Victoria Street schemes, said it had “remain[ed] disciplined as we look at new work” and was picking which clients to work for as well as running the rule over the supply chain’s finances “to limit the risk of subcontractor non-performance”.

multiplex

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

Its workbook at the end of last year was £2.9bn, up £500m on the year before, while its order book was flat at £1.1bn.

Multiplex said cash at the year-end was £37m, down from £67m in 2022, but added that it had no external debt.

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