Murphy turnover tops £1bn for first time in Covid year

Aaron Morby 3 years ago
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Specialist engineering and civils contractor J Murphy & Sons battled through the pandemic year to lift revenue by 26% to a record £1.1bn.

The momentum we generated last year has continued into 2021, says CEO John Murphy
The momentum we generated last year has continued into 2021, says CEO John Murphy

The London-based contractor made progress restoring operating profit which reached £13m after two previous tough years delivering £1.1m in 2019 and a £27m loss in 2018.

Pre-tax performance for the year has not yet been disclosed.

Chief executive John Murphy said that action taken to meet the challenges posed by Covid-19 resulted in minimal disruption to the business, which generated positive cash flows, ending the year with net cash reserves of £174m (2019: £71m).

He said: “The momentum we generated last year has continued into 2021 and we have strong visibility over the remainder of the year, as we continue to deliver vital infrastructure that is essential to our economies across the markets where we operate.”

With a focus on water, transport, power and natural resources, Murphy has built a £1.6bn order book, with 60% and 23% revenue visibility for 2022 and 2023 respectively.

He added: “In line with our purpose of improving lives by delivering world class infrastructure safely and reliably, we have also launched our updated sustainability strategy, focusing on two main areas of addressing Climate Action and Social Value.”

To achieve its goals Murphy plans to invest £75m over the next five years in advanced environmentally-friendly plant, equipment and vehicles to help achieve a 50% net reduction in emissions.

By 2026, the firm aims to divert 100% of avoidable waste from landfill while using 100% renewable electricity across the business. Murphy will also plant 5,000 trees per year, including 1 for every new starter at the firm.

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