Infrastructure specialist blames accounting measure for drop in headline pre-tax profit figure
Group revenue at J Murphy & Sons hit 拢1.5bn last year, the north London contractor鈥檚 latest accounts reveal.
According to its annual report, published today, income at the infrastructure specialist jumped 17% in the year ending 31 December 2022, from the 拢1.3bn recorded in 2021.
Turnover grew in the UK and Ireland as well as the rest of the world, although the latter made up an increased share of turnover 鈥� 31% from 24%.
The business recorded a pre-tax profit of 拢44.6m in, down 38% on the 拢61.7m recorded in 2021. This decline was attributed to a re-evaluation of the firm鈥檚 investment properties last year, which it said skewed the figures.
Adjusted to exclude this accounting treatment, Murphy claims pre-tax profit rose by 161%, from 拢17m to 拢45m.
The firm also continued to increase its order book, recording just over 拢2.5bn of secured and anticipated orders in the UK, Canada and Ireland.
Chief executive John Murphy said the business was focused on sustainable growth, particularly the areas of energy transition and security, where he said the firm鈥檚 鈥渟elf-delivery model and engineering capabilities鈥� put it at an advantage.
鈥淲e are maintaining disciplined contract selectivity, concentrating on the right projects in familiar sectors and geographies,鈥� he added.
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鈥淲e have a high-quality order book, exciting opportunities in the pipeline and are well positioned to benefit from future investment trends across the UK, Ireland and Canada.鈥�
Staff numbers at Murphy, which was set up more than seven decades ago, also increased in 2022 鈥� from 3,579 to 3,688 鈥� and the business took on its largest ever annual intake of emerging talent, with 120 apprentices and graduates joining.
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