Multiplex back into profit

Multiplex has claimed it has turned a corner as it reported a pre-tax profit of over £150m for the first half of the year, compared to a pre-tax loss of over £66m in the same period last year, which the contractor blamed on Wembley.

The change in fortunes was due in large part to the construction division dragging itself back into the black, from a pre-tax loss of £152m in the December half of last year, to a  pre-tax profit of over £17m in the same period this year.

A separation of the firm's assets also looks to be on the cards, after Multiplex confirmed that it is still in talks with Canadian company, Brookfield Asset Management. The move relies on the consent of the company's founding Roberts family.

The company attributed the stronger performance to light at the end of the tunnel, as far as the Wembley debacle was concerned, saying: "The construction workbook in the UK was significantly de-risked with the transfer of White City to Westfield and with the project completion of Wembley now imminent."

Total turnover at the company was up 5.5% to £738m for the first half of the year.