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Beware City the wounded beast

Manchester City
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By ESPN Staff

Multiplex reveal heavy losses

Australian construction company Multiplex, who are responsible for building the new Wembley Stadium, have reported a loss of more than £50million for the first half of the financial year.

Football Association officials earlier this week confirmed Wembley would not be ready for this season's FA Cup final as planned, with the showpiece now scheduled for Cardiff's Millennium Stadium.

Despite the company's reputation possibly suffering following the Wembley delay, Multiplex are confident their other projects `remain strong'.

A statement from Multiplex read: 'The construction division's overall result for the period has been materially and adversely affected by additional losses of £105.8million after tax incurred in respect of the Wembley project. This includes a provision for potential liquidated damages of £10million after tax.

'The status of the Company's construction workbook, apart from Wembley remains strong with 41 of the other 42 current projects achieving margins in line with historical norms and the other project making a relatively small loss.

'The outlook for the division remains strong within both Australia and internationally, following continued success in securing profitable new work. Since June 2005, 14 new contracts have been awarded. This includes the Melbourne Convention Centre contract awarded on February 22, 2006.

'The UK construction division also has a solid workbook in hand and the emphasis will be on the successful delivery of existing opportunities over the next two years rather than necessarily growing the workbook.'