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Multiplex's Wembley losses hit £106 million- and rising

The Australian contractor building Wembley has revealed the mammoth losses that have come as a direct consequence of the problems on the HOK Sport/Foster scheme.

Troubled firm Multiplex - which agreed to build the stadium for a fixed-price contract in 2002 - has reported losses of £50 million for the first half of the financial year.

The contractor said the results had been 'materially and adversely' affected by losses associated with the construction of the national stadium, which now total £105.8 million.

This deficit will continue to grow as a result of the fixed-price deal.

The news of the losses follows the decision by Football Association officials to abandon Wembley as the venue for the FA Cup final, in favour of Cardiff's Millenium Stadium, as they could not trust the contractor to complete construction in time.

Despite considerable damage to the company's reputation over the stadium, Multiplex said other projects 'remain strong'.

In a statement, Multiplex said: 'The outlook for the division remains strong within both Australia and internationally. Since June 2005, 14 new contracts have been awarded.

'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,' the statement concluded.

by Ed Dorrell

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