Multiplex Europe’s construction business delivered a bumper 2023 with pre-tax profit almost trebled to £31m as several complex London schemes reached practical completion.

Turnover jumped 20%  to £675m with selective tendering helping the contractor to raise operating margin to 5.5% from 2.8% in the prior year.

Multiplex’s UK managing director Callum Tuckett said the firm was sitting on a strong order book putting Multiplex in a strong position for 2024.

“Our workbook at the end of the year was £2.9bn (2022: £2.4bn) and included four mixed-use projects worth £2bn, five commercial projects worth £800m and higher education projects worth £100m.”

“We secured a number of PCSAs on commercial and higher education schemes and aim to convert a total of seven PCSAs into main contracts, at the appropriate terms and conditions, during 2024.

He added that Multiplex remained disciplined as it looked at new work, ensuring the financial viability of schemes, as well as clients and subcontractors, while bidding work at appropriate terms with commensurate returns.

Among the big London contracts awarded last year Multiplex picked up Native Land’s 50-storey building at Bankside Yards near Blackfriars Bridge.

It also secured One Exchange Square in the City of London to remodel a 1980s 13-storey building to create 420,000 sq ft, and the restoration and upgrade of the Grade II listed IBM building on the Southbank for development manager Stanhope.

Provision for the year on contracts rose to £37m from £9m in 2022 while net cash also fell to £37m from £67m at the previous year-end.