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Last Updated: Monday, 19 December 2005, 09:02 GMT
Wembley builder in 2006 warning
Wembley Stadium development
The football world is waiting to see if the stadium is ready for May
Delays to completing Wembley stadium and other business factors will cost developer Mutiplex 70m, it has said.

Problems surrounding English football's showpiece arena were likely to leave it in a "substantially adverse" position from previous predictions for 2006.

The Australian firm, which this summer warned of tough times ahead, said it hoped to complete the project in time.

Multiplex shares fell sharply following the warning, dropping 8.46% to 3.16 Australian dollars ($2.35; 1.33).

Significant impact

Last month Multiplex had predicted annual earnings of around 90m.

"Multiplex has again disappointed - how often did they say in the last three months everything is okay but now they're saying Wembley is going to have a substantial impact on 2006 profits," said Ric Klusman, Aequs Securities' head of institutional trading.

While the firm warned Wembley would have significant impact on profits, it did add it still hoped to have the flagship project completed in time for May's FA Cup Final.

"Multiplex continues to target completion of the Wembley stadium to enable the 2006 FA Cup Final to be played, with progressive handover of parts of the stadium expected to commence from 31 January, 2006," it said.

Difficulties with the redevelopment of the 90,000-seat stadium prompted the resignation of Multiplex founder and executive chairman John Roberts in Mayas the group blamed "cost blow-outs" for the spiralling cost of the stadium.




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SEE ALSO:
Higher costs hit Wembley builder
18 Aug 05 |  Business
Wembley hit by row over bonuses
16 Jun 05 |  Business
Assurances from Wembley builders
08 Jun 05 |  Beds/Bucks/Herts
Wembley firm won't make a profit
24 Feb 05 |  Business
Fans get first look at Wembley
07 Jan 05 |  London


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