Multiplex has set solid a date for completion of the $1.12 billion Wembley Stadium project.
In the latest May update, Multiplex said the project will achieve substantial completion on July 13, leaving certain works relating to the recent removal of the cranes, hoists and commissioning and cleaning after the date.
The company said the rafter in the northern roof which was affected in the incident in March 2006 is now restored to its final position and welding is complete.
In addition, works on the playing pitch continue with all areas now handed over and laying of turf due to be complete in June.
Multiplex said the main Event & Police control rooms will be available for the Wembley National Stadium Limited to commence familiarisation / training early June.
Meanwhile, Multiplex said it is entitled to substantial and legitimate extensions of time under the terms of its construction contract which will extend the contract completion date until at least September 2006.
“There are a number of critical works and activities that are the responsibility of our client, and the timing of the completion of these works is under the control of our client.
“The date for the opening of the stadium and the hosting of the first event will ultimately be a matter for our client,” Multiplex added.
Multiplex made no changes to the market guidance for 2006 full year earnings.
In February this year, the board said based on the half year result, which included fair valuation adjustments to the carrying value of investment properties totalling $112.5 million, it expects to deliver $50 million in net underlying profit after tax.
Meanwhile, Multiplex is awaiting the Court judgment in relation to certain matters in the dispute between Multiplex and Cleveland Bridge United Kingdom which is expected on June 5 or 6.
Multiplex is also considering suing Wembley National Stadium Limited, the stadium’s owner, for £150 million. Multiplex claims WNSL made 500 changes to their brief, contributing to the delay in completion.
By Nelson Yap