Murphy profit increase shows company is on track

Murphy has today announced it made a profit of £23.3m in 2016 – an increase of 69 per cent on the previous year.

The financial success builds on 2015’s return to profit (£13.8m) and is another indication that the international construction and engineering firm is on track with its ten-year plan and to generate £2bn in revenue by 2025.

For the year ended December 2016, Murphy’s revenue was £614m, with a cash balance of £97m. The net assets at balance sheet date stood at £214.1m while the group order book was £1.2bn, compared with £962m in 2015.

Chief Executive Officer, Steve Hollingshead, said: “We can look back on 2016 with considerable pride. It was a year when we overachieved against our financial goals and I’m proud that Murphy and our people continued to deliver.

Steve Hollingshead, CEO

“Our ten-year plan is about sustainable growth and taking Murphy to the next level. But this is not simply a set of target numbers and a determination to hit them. The plan is like construction itself – making sure that every part of our business is professional, rock-solid and able to support the ambitious plans we have for our development.”

The year saw significant wins with enabling works for HS2 as part of LM, the joint venture with Laing O’Rourke, and being named preferred bidder the tunnelling element of the £2.4bn York Potash mine with Hochtief, while the Canadian business Surerus-Murphy built an order book worth $400m.

There were also new appointments that strengthened Murphy’s director and management boards, as well as a revamp of the award-winning culture development programme.

As part of the business’ strategy, Murphy wants to improve profitability across a portfolio of products to at least five per cent (before tax), growing to 10 per cent by 2025.

You can view our financial statements by clicking here

 

Posted Monday, June 19, 2017 by Del Bowen

Corporate

About Del Bowen

Del leads on media relations and is first point of contact for press enquiries or interview requests. She's partial to posting social media updates, mind-boggling machinery and making people pose for photos they don't want to be in! 

Get in touch: delythbowen@murphygroup.co.uk / 0203 757 1265 /  Connect on LinkedIn 

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