Multiplex says Wembley is on track

WITH increasing doubts hanging over whether it will complete Wembley Stadium on time, Australian construction company Multiplex today posted an annual net profit of A$48.8m (£18.9m).

Multiplex, which listed in Sydney last December, posted an A$88.4m net profit from continuing operations and said its outlook was in line with forecasts of $A130.9m for the coming year.

Its pre-tax earnings are 13% higher than forecast at the time of listing, largely thanks to its high-profile projects in the UK, such as Wembley. 'This is an outstanding result for us in our first year as a public entity,' said chief executive, Andrew Roberts.

The result included a one-off loss on the sale of non-core assets ahead of its share market float. It comes amid growing fears that the company may miss the deadline to open in time to stage the FA Cup Final in May 2006.

But it has repeatedly denied that completion will be affected by an acrimonious falling-out with contractor Cleveland Bridge, which designed and built the stadium's arch.

Adding to the doubts, however, is a threatened strike by steel construction workers on the £757m project, part of the fallout from Cleveland Bridge being axed.

Workers, now with Cleveland Bridge's successor Hollandia-Fast Track, are angry about the dismissal of 210 men in a dispute about working hours and breaks.

Multiplex said the contracts of 210 onsite steel workers were cancelled after they made 'unacceptable additional demands'.

'We were advised that the decision followed some independent action taken by the workers despite agreeing new employment contracts with Hollandia-Fast Track in July,' a spokesman for Multiplex said.

But a Football Association spokesman said he had been assured by Multiplex that all was well. 'We understand from Multiplex that it won't have an impact on the construction timetable,' the spokesman said.

Multiplex says work is progressing normally with Hollandia-Fast Track recruiting new workers. Cleveland Bridge raised the £65m arch over the 90,000-seat stadium before being dumped and says it has issued a writ against Multiplex.