Your browser is no longer supported

For the best possible experience using our website we recommend you upgrade to the newest version of your browser.

Your browser appears to have cookies disabled. For the best experience of Construction News, please enable cookies in your browser.

Welcome to the Construction News site. As we have relaunched, you will have to sign in once now and agree for us to use cookies, so you won't need to log in each time you visit our site.
Learn more

Wembley losses could hit £45 million

Wembley stadium builder Multiplex warned yesterday that losses on the troubled project could spiral to £45 million.
The company's shares fell 30 per cent on the news as it downgraded its profits forecast for 2005.

Multiplex chief executive Andrew Roberts said: 'The Wembley result is unacceptable and completely overshadows the strong results from all other parts of the business.'

The firm has made a £24 million provision on the £757 million stadium project for this year.

Including the £20 million indemnity against Wembley losses already put up by the Roberts family, the firm is facing losses totalling £45 million.

But even achieving this disastrous result is dependent on winning claims against third parties, its ability to meet the project's schedule and costs involved with finishing Wembley's steelwork.

The sum could eventually exceed the £60 million reverse that the former Laing Construction took on the Cardiff Millennium Stadium.

Multiplex said that it had undertaken a review of the scheme since February and drafted in new management.

And the company admitted that it would not be able to hand over Wembley until March 2006 - just in time for next year's FA Cup final.

Related links:

Latest News index

Contact the newsdesk