Wembley developer admits losses on stadium project

Multiplex, the Australian construction company behind the National Wembley Stadium project, has admitted it will make a loss of around AUS$41m (£17m) on the project.

In a statement, the company said it has slashed its forecast for 2005 full-year pre-tax profits from AUS$235m (£97m) to AUS$170m (£70m).

The announcement followed the resignation of executive chair, John Roberts, who is also one of the company’s founders.

Trading of Multiplex’s shares was suspended at the Australian Stock exchange (ASX) for a day as the company attempted to weather the impact of the announcement. When trading resumed today, shares plummeted by 23 per cent – the largest fall on the ASX this year.

Earlier this month, Multiplex denied that the Wembley project would be delayed.

A spokesperson for the Wembley National Stadium Limited (WNSL) said: “Multiplex has assured us that they remain on schedule to hand the stadium over to us in time for the FA Cup final next year.”