鈥楽ignificant loss鈥� on green energy plant blamed for overall loss
Civil engineering firm J Murphy & Sons has reported a 拢9.1m pre-tax loss for 2014, which it attributed to 鈥渁 substantial loss鈥� on a single project, a major combined heat and power plant in east London.
In accounts filed at Companies House, the firm鈥檚 director Bernard Murphy said the plant in Beckton suffered 鈥渄ifficulties with design, cost escalation, supply chain and engine related technical breakdowns鈥� which he said 鈥渙ver shadowed what was otherwise a very satisfactory year鈥�.
Murphy added that the firm was 鈥渞eviewing its entitlements for recovery on all fronts for this project.鈥�
The 拢9.1m pre-tax loss for the 2014 calendar year compared to a 拢34.7m pre-tax profit the previous year. Turnover dropped 18% to 拢780m, down from 拢954m in 2013, which the firm attributed to lower revenue from its joint venture business in Australia coming off an 鈥渆xceptional鈥� 2013 for the venture.
Murphy said the UK tender market remains 鈥渉ighly competitive鈥� despite the 鈥渉igh level of activity in the UK鈥�. He added that the firm will 鈥渃ontinue its focus on growth oriented market sectors including rail, power and tunnels.鈥�
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