Turnover jumped 25% to £973m in 2025 as newly-secured work moved into delivery, but pre-tax profit halved to £9.8m as higher-margin legacy projects dropped out of the mix.

Operation margin fell to 2.0% from 3.5%, reflecting a business now weighted towards early-stage jobs yet to reach peak profitability.

Managing director Callum Tuckett said the shift was down to “significant newly secured projects being in their infancy”, with earnings expected to strengthen as schemes progress.

Multiplex completed four projects worth £699m during the year while also locking in over £381m of new main contract awards.

These include 75 London Wall — a major City office scheme involving retention and extension of 690,000 sq ft — and Minerva House on the South Bank, a nine-storey commercial redevelopment close to Southwark Cathedral.

Further work is waiting in the wings. Multiplex secured two PCSAs on additional commercial schemes and is targeting conversion of four into full contracts during 2026, signalling more workload to come.

The make-up of the order book underlines the shift. The £3.4bn secured workbook is heavily skewed towards large London commercial and mixed-use developments, including £1.5bn of office schemes, £1.6bn of mixed-use work and £300m in higher education projects.

Work in hand eased to £1.7bn from £2.1bn following completions, but the business has rebuilt its pipeline with a strong secured and preferred position heading into 2026.

Cash generation remained robust, with reserves up 53% to £53m and no external debt, giving the group firepower to support delivery of its next wave of projects.

Headcount rose to 701 as Multiplex geared up resources to execute its growing pipeline.