Murphy releases 2025 Annual Report

Murphy is pleased to announce its financial results for the year ended 31 December 2025 in which the Group delivered a period of progressive growth while celebrating Murphy’s 75-year anniversary.

John Murphy, Chief Executive Officer of Murphy, commented:

“This year marks the 75^th anniversary of my grandfather founding our business, so it is fitting that we have delivered a year of progressive growth across the company.  I would like to thank all our colleagues, customers, partners and suppliers who have contributed to this performance.

“We are pleased to have delivered improvements across our key financial and operational targets, thanks in large part to our ‘One Murphy’ approach that has seen us remain focused on our direct delivery model, progressively investing in our people, facilities, equipment and the latest technology.

“We have continued to deliver world-class infrastructure across our core sectors and geographies in the period while also expanding our geographic reach into Australia, a new market for our business.

While mindful of potential market uncertainty, we look forward to the future with confidence as the sectors and geographies we work in require significant ongoing investments to support asset renewals, population growth, increased energy demand and sustainability targets.

We are pleased to have entered the current financial year with a strong order book and net cash position which, coupled with our approach to contract selectivity, provides us with a strong platform for the future.

To read the report in full, click here.

• Beaulieu Park station coming into service ahead of schedule in October 2025, the first station to be opened on the Great Eastern Mainline in over 100 years.
• Breaking ground on Murphy’s first project in the SSE Accelerated Strategic Transmission Investment (ASTI) framework which is set to transform and enhance the UK’s network resilience.
• Commencement of the design and enabling works for the Lower Thames Crossing project where Murphy will play a central role in what is set to be the longest road tunnel in the UK.
• Key progress on the Norfolk Offshore Wind Zone project with the completion of all trenchless crossing and ducting alongside the restoration of the entire 60km cable route.
• Work progressing well on the Yorkshire Green Energy Enablement project for National Grid which, at the time of contract award, was the largest substation project awarded to Murphy, spanning nine different sites across North Yorkshire.
• For the Dublin Port Company, Murphy continued to make significant contributions, delivering 21 call-off contracts under the single party framework.
• In Ontario, the Kenaidan Murphy joint venture had a successful year with design development progressing well on the Bloor–Yonge Station Upgrade for the Toronto Transit Commission, while the Oakville Station project for Metrolinx moved forward with detailed design substantially complete.
• In America, WHC Energy Services’ strong partnership with Chevron Energy was further endorsed with two major solar projects: Greater Bryant and Delaware Ranch, in West Texas.

• Revenue increased 13% to £1,581m (2024: £1,399m), including revenue from JVs and increased turnover from UK Energy projects and Ireland.
• Operating profit increased 8% to £86.1m (2024: £79.6m), reflecting continued commercial discipline and a sustained focus on risk management, opportunities and contract selection.
• Net cash increased 3% to £412.4m (FY24: £400.5m) as a result of continued focus on working capital management.
• Employee numbers significantly increased by 16% to 4,709, up from 4,060 in 2024, as Murphy continues to develop talent, with £6.54m invested in training in 2025, while creating a diverse, inclusive and engaged workforce with 26.7% of employees from under-represented groups and 10% of employees classed as emerging talent.
• Sustained, industry leading Lost Time Injury Frequency rate of 0.06, marking a 65% reduction in LTIFR over the last five years, despite 22.6m hours worked during the year.
• Invested in a 40% share of Australia’s Abergeldie Complex Infrastructure, further extending Murphy’s geographical reach.

• Achieved a further 3% reduction in carbon emissions versus 2024, more than halving the Group’s total emissions since 2019 with a total reduction of 57%.
• Invested £30.9m in state-of-the-art, environmentally conscious plant and equipment, a £7.9m increase on 2024, assisting us to deliver increasingly low-carbon projects.
• UK business achieved 100% of electricity supply from renewable sources, historically its second largest source of emissions.

• Outlook underpinned by a record order book of £8.17bn across the UK, Ireland and North America, our strong balance sheet and targeted investments to support our ongoing growth plans.
• Robust performance during the opening months of 2026 despite wider market uncertainty.
• Murphy remains well-placed to deliver on its vision to be a family-owned business recognised internationally as the leader in engineering and infrastructure solutions.