Choosing the right contracts pays off for Murphy

The contractor is confident of continued progress this year despite the current economic uncertainty.

Total group revenue increased 14% in 2021 to £1,270m from £1,114m in 2020, while underlying operating profit rose 67% to £21.7m from £13m. the last time.

A strong order book of £2.239m at the end of the year was up 28% from the previous year, giving Murphy great visibility for years to come.

CEO John Murphy said: “These results reflect the strengthening of resilience across the Group and the benefits of the actions we have taken in recent years to improve contract selectivity, enhance relationships with our key customer base and focus on building a strong cash position.

“We have made significant progress during 2021 in delivering on our ‘Greener Murphy’ climate action strategy and supporting our clients on the journey to net zero, with continued investment in our operating model, enabling futures to be achieved. transition benefits.

“The quality of our people, our client base and the delivery of our secure workload, coupled with maintaining discipline in contract selectivity, regardless of economic conditions, remains critical to our continued success.

“At the end of the year, we had a growing, high-quality order book of over £2.239m, up 28% from the previous year, giving us an exciting pipeline of opportunities that underpins our confidence for years to come. years to come as we look to fulfill our ambition to be the leading family-owned construction company.”

Net cash reserves increased to £216.6m from £173.8m, while headcount increased from 3,449 to 3,579.

The company added: “While we are aware of the well-publicized headwinds facing the global economy, the focus and commitment of our employees, as well as the resilience of our business model, the support of our partners and the quality of the relationships with our clients means that Murphy is well positioned to deliver on their plans for sustainable growth.

“Furthermore, as the global energy sector shifts from fossil-based production and consumption systems to renewable energy sources, Murphy sees increasing opportunities to help all of its customers achieve net-zero carbon emissions through the energy transition.

“Although the overall economic backdrop remains challenging in the face of supply chain and inflationary pressures, as well as broader material shortages, the Group’s performance in 2021, coupled with our strong start to 2022, means that Murphy remains confident in meeting your long-term goal. long-term ambitions.

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