Multiplex turns around UK losses

Multiplex is coverting the old US embassy in Mayfair into a hotel for Qatari Diar

Multiplex Construction Europe returned to project in the year to 31st December 2021, making £2.0m before tax. The previous year it had made a pre-tax loss of £131.8m.

Revenue in 2021 was up 32% after the disruptions of 2020 to £793m (2020: £599m). During the year the business made earnings before interest, taxes, depreciation and amortisation (Ebitda) of £9.6m, compared to a £151m Ebitda loss in 2020.

The workbook at the end of 2021 was worth £2.7bn (2020: £2.5bn) and included four residential projects together worth £1.9bn, five commercial projects worth £675m and several high education projects collectively worth £150m.

During 2021 Multiplex Europe secured five new projects and finished five.

New projects, collectively worth more than £800m, are:

  • 30 Grosvenor Square, the £400m redevelopment of the former US embassy into a hotel
  • One Leadenhall, a 36-storey office tower in the City of London
  • 65 Davies Street, an office block over Bond Street Crossrail station
  • Elelphant & Castle Town Centre phase 2, including three tower blocks totalling 485 flats and a 12-storey campus for the University of Arts London (UAL) College of Communication
  • Adam Smith Business School, a 120,000 sq ft building for the University of Glasgow.

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