Murphy to expand after another year of growth

Murphy Group has reported another year of growth in its latest financial statement – as it targets new sectors such as energy security and greater investment in infrastructure.  

Though group revenue declined slightly for the year ended 31 December 2023 to £1.42 billion (FY2022: £1.49 billion), Murphy also managed to generate an operating profit of £71.7 million, a 57 per cent increase on the previous year (£45.7 million).   

The business’ order book expanded by 31 per cent last year to £3.31 billion compared to £2.52 billion in FY2022, with secured and anticipated orders across the UK, North America and Ireland. 

Murphy declared a 26 per cent net cash increase of £347.1 million compared to £275.5 million in the prior year, enabling greater investment across the business, with significant levels channelled into sustainability initiatives including £39 million in plant and equipment. 

It added the acquisition of WHC Energy Services will enable it to expand its operations into US energy renewables and oil and gas markets. 

Staff headcount at the family-owned construction group increased last year to 3,855 from 3,688 the year before. 

CEO John Murphy said: “I am pleased to report another year of growth with a resilient, year-on-year improvement in both our financial performance and operational delivery, alongside a continued commitment to delivering world-class infrastructure.  

“These results are underpinned by the dedication and hard work of our teams, our ongoing focus on sustainable business practices and our strong customer relationships. 

“As we approach our 75th anniversary in 2026, our ‘Murphy at 75’ vision to be the leading family-owned construction business in the geographies in which we operate is well within reach.  

“Our key focus remains on delivering long-term, sustainable growth, driven by our ability to provide our customers with a reliable and consistent level of performance as we strive to create a positive and lasting legacy across our projects and the communities we serve.” 

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