Multiplex Europe saw its revenue fall 31% in 2020 to 拢606.3m (2019: 拢881.2m) and the business sunk to a pre-tax loss of 拢138.5m (2019: 拢7.9m profit).
Earnings before income, taxation, depreciation and amortisation (Ebitda) showed a loss of 拢148m (2019: 拢5m Ebitda loss).
鈥淧rior to the direct impact of Covid-19, we generated 拢1m of Ebitda,鈥� directors Callum Tuckett and Derek Gorgi wrote in their report in the 2020 accounts, filed this week. 鈥淎lthough our Covid-19 adjusted Ebitda was 拢6m greater than 2019, it was impacted by lower turnover due to delays in commencement of new work and productivity reducing on projects resulting in less work performed in the year.
鈥淭he 拢149m of directly attributable Covid-19 charges included 拢82m of higher project costs and 拢67m of impairments resulting from Covid-19. Although the impact of Covid-19 was material to the聽 business, the group has not required any external funding to date and has managed liquidity requirements of the pandemic through its internal resilience measures. We ended the year with 拢29m of cash on our balance sheet; after considering the cash costs incurred due to Covid-19, this is a strong result.鈥�
Multiplex Europe Ltd includes Multiplex Plant & Equipment Europe, Multiplex CDM Service Europe and Multiplex Construction Europe.
Revenue at Multiplex Construction Europe fell to 拢599.4m in 2020 (2019: 拢872.2m) and pre-tax loss widened to 拢158.6m (2019: 拢14.1m loss).
During the first quarter of 2021 Multiplex has secured an additional 拢650m of new work, including the 拢400m redevelopment of the former US embassy in Mayfair and a new 35-storey office tower at 1 Leadenhall in the City of London.
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