Global profit at Wembley contractor Multiplex fell 32% after slowdowns in property development and UK construction.

Net profit slipped from 拢82.5m to 拢56.1m in the 12 months to 30 June compared with the same period last year.

A spokesperson said it had reduced the value of its property portfolio to 拢178m because fewer developments had been finished. The spokesperson added: 鈥淟ooking ahead to 2008 and 2009 we鈥檙e very happy with what鈥檚 in the pipeline.鈥�

The report also confirmed that construction work in the UK had slowed down, with the value of contracts falling from 拢1.45bn at the end of June 2006 to 拢558m this year.

It also paid out 拢22m in legal fees and other expenses during the year.

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