For the year ended 31st December 2023, Murphy turned over 拢1,421m (2022: 拢1,491m). Operating profit rose 57% to 拢71.7m 鈥� giving a margin of 5.0% 鈥� while profit before tax increased 50% to 拢66.8m (2022: 拢44.6m).
The 5% revenue decline was attributed primarily to the timing and completion of projects in Canada; 聽this was offset by continued revenue growth in both Ireland and the UK. The strong profit improvement was attributed to an increased level of repeat business from existing clients alongside a higher number of directly awarded contracts.
New project wins, successful project execution and strong demand for infrastructure development further strengthened Murphy鈥檚 balance sheet, closing 2023 with net cash of 拢347.1m (2022: 拢275.5m)., a rise of 26% over the year, enabling continued investment across all areas of the business.
Employee numbers increased by 4.5% to 3,855, up from 3,688 in 2022, reflecting increased project activity and the acquisition of US pipeline contractor WHC Energy Services by Murphy鈥檚 Canadia joint venture Surerus Murphy
The group order book grew by 31% during the year to 拢3.31bn in 2023 (2022: 拢2.52bn) with secured and anticipated orders across the UK, North American and Irish businesses.
Chief executive John Murphy said: 鈥淚 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.
鈥淎s we approach our 75th anniversary in 2026, our 鈥楳urphy at 75鈥� 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.鈥�
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