Multiplex Europe has reported revenue of 拢574m for 2022, which was 28% down on 2021鈥檚 拢805m.
However, this is expected to be temporary. The drop in revenue was attributed to the completion of several large projects while newer jobs only start generating 鈥榤eaningful鈥� turnover in 2023.
Despite the fall in revenues, pre-tax profit grew nearly threefold to 拢8.5m (2021: 拢2.9m) and the accounts appear solid. Cash inflow from operating activities was 拢136m in the year, compared to a 拢58m outflow in 2021, ending the year with 拢104m cash and no debt.
鈥淲e continue to focus on outperforming, delivering exceptional buildings to our clients and have confidence in our ability to both win new work, at the right terms, and deliver our pipeline of projects under the current operating environment,鈥� wrote directors Callum Tuckett and Jaideep Thatai in the annual report. 鈥淥ur secured and preferred workbook provides transparent, strong cash flows throughout 2023 and beyond, providing financial resilience for the business.鈥�
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