For first time in pandemic year, Murphy income tops £1bn

J Murphy & Sons, the specialist engineering and civils contractor, has fought through the Covid year to raise revenue by 26% to a record of £1.1bn.

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

However, the pre-tax performance for the pandemic year has not been disclosed yet.

John Murphy, the Chief executive stated 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).

  1. Murphy continued: “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 focusing on transport, water, natural resources and power, Murphy has constructed a £1.6bn order book, with 60% and 23% revenue visibility for 2022 and 2023 respectively.

He also asserted: “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.”

For reaching to its target point, Murphy plans to invest £75m during the next five years in advanced environmentally-friendly plant, equipment and vehicles to assist achieving a 50% net reduction in emissions.

The company has the purpose to divert 100% of unnecessary waste from landfill while using 100% renewable electricity across the business by 2026. It will also plant 5,000 trees annually, comprising 1 for every new starter at the company.

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