en.Wedoany.com Report, Multiplex achieved a 25% increase in turnover to £973 million in 2025, but pre-tax profit halved to £9.8 million due to the exit of high-margin legacy projects from its portfolio. The company's operating margin decreased from 3.5% to 2.0%, reflecting a current business focus on projects in their earlier stages Warehousing. Managing Director Callum Tuckett attributed this shift to "significant new projects being in their start-up phases," anticipating that earnings will strengthen as project delivery progresses.

During 2025, Multiplex completed the delivery of four projects worth £699 million while securing over £381 million in new main contract awards, including the 75 London Wall urban office scheme and the Minerva House commercial redevelopment project on the South Bank. The company also secured two PCSAs on additional commercial schemes and plans to convert four of these into full contracts in 2026. Within its current secured order book of £3.4 billion, turnover contribution is primarily driven by major commercial and mixed-use developments in London, including £1.5 billion in office schemes, £1.6 billion in mixed-use works, and £300 million in higher education projects.

Following project completions, work on hand decreased from £2.1 billion to £1.7 billion, but the business has rebuilt its pipeline. Cash flow generation remained robust, with reserves growing 53% to £53 million and no external debt. As Multiplex mobilizes resources to execute its growing pipeline, headcount increased to 701. The company expects the turnover growth momentum to continue as new project deliveries progress, with profit margins anticipated to improve in subsequent phases.

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