Civil engineering firm Murphy is sitting pretty atop a record order book as investment in major infrastructure pushes on, giving the group confidence about its future prospects.
Though revenue for the year ended 31 December 2024 reduced by 2 per cent to £1.3 billion compared to £1.4 billion the year prior, group operating profit increased by 11 per cent to £79.6 million (FY2023: £71.7m), following a strong performance across all areas of the business.
At the year end, Murphy’s balance sheet showed a 15 per cent increase in its net cash position of £400.5 million, up from £347.1 million in FY2023, supported by a record order book value of £5.4 billion, with work across the UK, Ireland, and North America, including growing opportunities in energy, water, and transport.
“Throughout 2024, we successfully navigated economic pressures, changes in government policy and inflationary pressures, demonstrating the group’s resilience,” said chief executive, John Murphy.
“The sector’s significant investments in transportation, water and energy infrastructure, underpins our confidence in the future with Murphy well positioned to capitalise on the opportunities these investments bring.”
Some key activities undertaken by Murphy during the period include Kenaidan (Contractors)-Murphy Joint Venture (KMJV) entering a two-year development phase of the more than CA$1 billion Bloor-Yonge Subway Station in Downtown Toronto, on behalf of the Toronto Transit Commission (TTC); it completing tunnelling activities on London Power Tunnels 2 (LTP2) as part of a Hochtief-Murphy joint venture for National Grid; and wrapping up civils works at Oswestry Water Treatment Works for United Utilities, among others.
Earlier this month Murphy also acquired a 40 per cent stake in Australian infrastructure contractor, Abergeldie Complex Infrastructure, for an undisclosed sum. The investment marks the next phase in Murphy’s expansion beyond the UK and Ireland, after its joint venture with Surerus Pipeline in Canada in the mid-2000s, and then the acquisition of WHC Energy Services in the US in 2023.
With Murphy’s support, Abergeldie will now target larger-scale infrastructure projects, while maintaining its independence.
As the family-owned construction company approaches its 75th year of trading in 2026, Murphy said: “Our primary focus remains on achieving long-term, sustainable growth, built on our ability to deliver reliable, high-quality outcomes for our customers and to leave a positive, lasting impact through our work and in the communities we support.”
Was this interesting? Try: London fit-out specialist reports market boom in the wake of ISG collapse
If you have a tip or story idea that fits with our publication, please contact the news editor rory@wavenews.co.uk
Get industry news in 5 minutes!
A daily email that makes industry news enjoyable. It’s completely free.
