London high-rise builder Multiplex has ramped up revenue by two-thirds to a record £1bn as a dozen major projects topped out last year.
But the strong revenue growth failed to drop to the bottom line with pre-tax profits sliding from around £22m in 2015 to £19m last year.
As a result operating margins halved from the 2015 high of 3% to industry norms of around 1.5%.
Multiplex also revealed for the first time the contract for 22 Bishopsgate Tower in the city of London was signed at £589m.
Ross Ballingall, managing director of Multiplex Construction, said the firm was now well placed to maintain revenues in excess of £1bn.
“The recent announcements of our involvement in One Nine Elms, together with a number of other projects on which we are engaged prior to signing the full building contract bode well for the company on the immediate future.
Multiplex’s order book is 16% up on the previous year at £3.6bn, with the firm contracted to deliver 6.7m sq ft of commercial space for a total value of £2.14bn.
It also has nine high-end residential projects with a construction value of £1.1bn to deliver 1,098 luxury flats.
Rising workloads saw Multiplex recruit strongly during 2016 lifting staff headcount from around 700 to 931, helped by a record graduate intake.
Last September the Canadian property company owner Brookfield dropped its name from the company contracting brand.
from Construction Enquirer http://www.constructionenquirer.com/2017/04/24/multiplex-turnover-soars-to-record-1bn-on-tower-boom/
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