Multiplex Europe has reported revenue of £574m for 2022, which was 28% down on 2021’s £805m.
However, this is expected to be temporary. The drop in revenue was attributed to the completion of several large projects while newer jobs only start generating ‘meaningful’ turnover in 2023.
Despite the fall in revenues, pre-tax profit grew nearly threefold to £8.5m (2021: £2.9m) and the accounts appear solid. Cash inflow from operating activities was £136m in the year, compared to a £58m outflow in 2021, ending the year with £104m cash and no debt.
“We continue to focus on outperforming, delivering exceptional buildings to our clients and have confidence in our ability to both win new work, at the right terms, and deliver our pipeline of projects under the current operating environment,” wrote directors Callum Tuckett and Jaideep Thatai in the annual report. “Our secured and preferred workbook provides transparent, strong cash flows throughout 2023 and beyond, providing financial resilience for the business.”