Multiplex 'can fix Wembley's woes'

JOHN Roberts, founder of Wembley Stadium developer Multiplex, claims it is on track to fix problems with the project and has signalled that there will be no retreat from the European market.

'The loss on Wembley is bitterly disappointing for the shareholders, but we know what's happened and what's caused it and we're fixing it,î he told Australia's Business Review Weekly in an interview from France.

He said Multiplex was chasing even bigger contracts, apparently rejecting recent statements by chairman Allan McDonald that Multiplex would be more conservative.

Roberts defended the firm's record in Britain.

'As for Wembley, where we are losing money, everyone overlooks the fact that we're making money on every other project,' he said.

He complained about recent reports of a rift with his son Andrew, Multiplex's chief executive.

'The most hurtful thing is that so many people just can't get their facts right,' he said. 'There is no dispute.'

The Wembley disaster is set to reduce profit from an expected A$235m (£97m) to some A$ 170m. The Roberts family has put in A$50m to help cover Wembley shortfalls.