Income at 100 Bishopsgate builder set to rebound this year as profit jumps in 2022

Multiplex said it expects revenue to head north this year when recently won work starts to ramp up after the firm revealed income dropped by close to a third in 2022.

The London tower builder said turnover slumped from 拢793m to 拢562m in 2022 as schemes wrapped up and the firm stopped work on the One Nine Elms project in Battersea for several months because of a payment dispute.

In its latest accounts filed at Companies House, the firm behind the 100 Bishopsgate and 22 Bishopsgate towers said: 鈥淲e reached practical completion on several large scheme while newer jobs secured during the year will only start to deliver meaningful turnover in 2023 and beyond.鈥�

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Multiplex has won this scheme to revamp a 1980s building in the City for LaSalle

Jobs won last year include the redevelopment of the IBM building on London鈥檚 South Bank, known as 76 Upper Ground, for Stanhope and a 50-storey tower at Native Land鈥檚 Bankside Yards scheme at the southern end of Blackfriars Bridge.

Pre-tax profit was up from 拢2.6m to 拢11m while a tax credit of nearly 拢7m took its profit after tax to 拢18m from 拢2m in 2020.

Multiplex, which last year said it completed 拢700m-worth of work, recently won a 拢200m scheme to carry out a job to revamp One Exchange Square in the City of London for LaSalle and is one of three chasing British Land鈥檚 latest deal at its redevelopment of its Broadgate campus called 1 Appold Street.

The firm said the number of staff at the business dropped from 725 to 652 at the year-end while net cash was up from 拢15m to 拢67m.

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