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Covid-19 hits Multiplex profit and revenue

Multiplex Europe suffered a 31% fall in revenue last year and took a £149m hit in costs and impairments as its annual results for the year to 31 December 2020 were battered by the covid-19 pandemic.

Multiplex Europe’s revenue for the year was £606.3m, down from £881.2m the year before.

It made a pre-tax loss of £138.5m, compared to a £7.9m profit the year before.

Multiplex’s sites underwent a full shutdown in March 2020, resulting in increased costs and reduced productivity when sites did re-open.

Multiplex said £149m of charges it incurred during the year were “directly attributable” to covid-19. While its covid-19 adjusted EBITDA was £6m greater in 2020 than in 2019, it said it was impacted by lower turnover due to delays in the start of new work and productivity reducing on projects resulting in less work performed during the year.

Multiplex said that despite the losses, it has not required any external funding to date and has managed the liquidity requirements of the pandemic through its own internal measures.

It ended the year with £29m of cash on its balance sheet.

Its work book at the end of the year was £2.5bn, including seven residential projects worth £2bn, three commercial projects worth £300m, and education projects worth £200m.

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