CONSTRUCTION company Murphy has reported an 11 per cent increase in operating profits after a strong 2024.
The company's annual report to December 31, 2024 showed group operating profit jump to £79.6m, up from £71.7m in 2023, with chairman John Cresswell reporting pre-tax profits of £83.9m, an increase of 25 per cent.
The firm, which was founded by Kerry native John Murphy, celebrates its 75th anniversary next year, by which time it aims to become the leading family-owned construction business as part of its 'Murphy at 75' strategy.
With 2025 seeing a continued strong performance and a record order book of £5.4bn across Britain, Ireland and North America, Murphy is well-placed to deliver on its vision.
'Dedication and capability'
"I'm pleased to share that we've delivered another strong year of growth, marked by consistent year-on-year improvements in both our financial results and operational performance, while remaining firmly committed to delivering world-class infrastructure," said CEO John Murphy.
"These achievements reflect the dedication and capability of our people, our continued emphasis on sustainable business practices, and the strength of our customer relationships.
"Throughout 2024, we successfully navigated economic pressures, changes in government policy and inflationary pressures, demonstrating the Group's resilience.
"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.
"As we look ahead to our 75th anniversary in 2026, our 'Murphy at 75' vision, to be the leading family-owned construction business in the regions where we operate, is firmly within sight.
"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."
'A lot to look forward to'
Total Group revenue decreased by 2 per cent in 2024 to £1.399bn from £1.421bn in 2023, mainly driven by the completion of projects in Canada.
However, the increase in group operating profit was driven by strong performance across all areas of the business, reflecting continued growth and strong operational performance.
Net cash increased 15 per cent to £400.5m, up from £347.1m in 2023, while the group also saw an increase in net assets, up 10 per cent to £329.2m from £300.3m a year earlier.
Meanwhile, employee numbers saw a 5 per cent increase to 4,060, up from 3,855 in 2023.
Last month, the group acquired a 40 per cent share of Australia's Abergeldie Complex Infrastructure, marking the latest step in Murphy's plans to extend its geographical reach.
"This report reflects a productive and successful year for Murphy, with a lot for us to look forward to in 2025 and beyond," Mr Murphy said in the report.
"We are well-positioned for sustainable growth, with a strong order book and a pipeline of projects across our chosen sectors and geographies, with dedicated project teams on board to deliver them."
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