Significant growth and confidence in outlook – Murphy releases 2022 financial results

J Murphy & Sons Limited is pleased to announce its financial results for the year ended 31 December 2022, demonstrating another year of significant growth and strong financial performance.

These results highlight Murphy’s commitment to delivering world-class infrastructure, while maintaining a focus on safety, operational excellence and sustainable business practices, with significant milestones in revenue, operating profit, order book, net cash and sustainability.

• Group revenue up 17% to £1,491m in 2022 (2021: £1,274m), owing to dependable operational delivery and solid client and supply chain relationships.
• Operating profit increased by 111% to £45.7m in 2022 (2021: £21.7m), through delivering key infrastructure projects for our key clients and operational efficiencies.
• Net cash increased by 27% to £275.5m in 2022 (2021: £216.6m), underpinning our strong balance sheet.
• Continued commitment to safety; 30% reduction in Lost Time Injury rate, from 0.11 in 2021 to 0.07 in 2022.
• Increased employees to 3,688, up from 3,579, developing colleagues across the business and creating diverse, inclusive and engaged teams.

• Achieved a further 16.8% carbon reduction from 2021 – Murphy’s biggest ever annual reduction.
• Cumulative emissions reduction total now sits at 39.88% since 2019 baseline – strengthening Murphy’s position to achieve its 50% reduction target by 2026.
• ESG Committee formed with individual accountabilities under the banners of Climate Action & Safety, Social Value and Governance.
• Reaffirmed commitments to achieving net zero by 2030 and becoming net positive by 2050 for all emission sources.
• £34.5m invested in state-of-the-art, environmentally-conscious plant and equipment
• Continued investment of £2.3m in colleague training and development

• Order book grew by 13% to £2.52bn in 2022 (2021: £2.23bn), with secured and anticipated orders across the UK, Canada and Ireland.
• Activities to support the energy transition continue to underpin activity across the business in our core sectors and geographies.
• Confident in strategic direction and broader opportunities for continued growth with a strong balance sheet and ongoing investment in sustainable practices meaning that Murphy is well-positioned for future success across its three geographies of the UK, Ireland and Canada.

John Murphy, Chief Executive Officer of J Murphy & Sons, commented:

“I am delighted to present another year of growth for Murphy, demonstrating a continuous, year-on-year improvement in our financial performance and operational delivery as we continue to play a central role in delivering world-class infrastructure. These outstanding results are a testament to the hard work and dedication of our colleagues, our focus on sustainable business practices and our strong client relationships.

“Our direct delivery operating model, supported by a select supply chain, continues to be central to our unique offering. At a time when resources are increasingly a limiting factor across the industry, we give our clients heightened confidence of reliable delivery performance. 

“As we approach our 75th anniversary in 2026, our vision to be the leading family-owned construction business in the three geographies in which we work is within reach, and we remain focused on delivering long-term sustainable growth and creating a positive and lasting legacy across our projects and the communities we serve.”

You can read the report in full here: https://www.murphygroup.com/2022annualreport