黑洞社区

Contractor Brookfield Multiplex is on course to break 拢1bn UK turnover in 2016, more than tripling its revenue in just three years, in a major turnaround for the UK business.

The Australian contractor, which is owned by Canadian asset manager Brookfield, reported a string of project wins in 2014 worth over 拢1bn, including the 拢150m One Blackfriars scheme for St George, and the 拢140m Centrepoint redevelopment for Almacantar.

This year Brookfield Multiplex (BM) has already been confirmed as favourite to build the 拢500m 22 Bishopsgate scheme, on the site of the Pinnacle, after being awarded a pre-construction contract by developer Lipton Rogers.

What clients wanted in the Australian market wasn鈥檛 what was wanted at the time in the UK

Ashley Muldoon, BM

Speaking to 黑洞社区, Brookfield Multiplex EMEA chief executive Ashley Muldoon said he expected the UK business would hit turnover of 拢1bn-1.2bn in 2016, and that the firm had a total pipeline of signed or preferred bidder status work of 拢3bn. He said that 拢1bn turnover was an 鈥渋deal size鈥� for the business and that the firm was now just 鈥渟electively bidding鈥� for additional work.

BM鈥檚 latest accounts covering the UK, for the calendar year 2013, show the firm made a pre-tax profit of 拢11m on turnover of just 拢295m.

Muldoon said he expected the company to report turnover of 拢750m in 2015, before breaking the 拢1bn barrier in 2016, which would make it a top 20 UK contractor.

If the firm reaches 拢1bn turnover, it will mark a major turnaround for a business that had to pay out more than 拢200m to complete construction of Wembley stadium and settle outstanding disputes on the delayed project.

BM鈥檚 problems on Wembley saw it embroiled in a catalogue of law suits, including the largest in UK construction history, worth 拢253m, which it launched against Mott Macdonald and which was contested and eventually settled out of court. BM鈥檚 UK turnover fell to a low of 拢150m in 2010.

Muldoon said the turnaround was the result of a conscious attempt to rebuild the business after the problem experienced on Wembley. He said:鈥漌e made errors in our UK market entry [鈥�] We had to adapt to the UK environment [鈥�] What clients wanted in the Australian market wasn鈥檛 what was wanted at the time in the UK.鈥�

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