Murphy releases 2024 Annual Report

Murphy is pleased to announce its financial results for the year ended 31 December 2024, reflecting continued growth and strong operational performance, building on the progress achieved in 2023.

Murphy has continued to deliver key critical infrastructure and, just one year out from the company’s 75^th anniversary, is well-placed to deliver on its vision of becoming the leading family-owned construction company.

John Murphy, Chief Executive Officer of Murphy, commented:

“I’m pleased to share that we’ve delivered another strong year of growth, marked by consistent year-on-year improvements in both our financial results and operational performance, while remaining firmly committed to delivering world-class infrastructure. These achievements reflect the dedication and capability of our people, our continued emphasis on sustainable business practices, and the strength of our customer relationships.

“Throughout 2024, we successfully navigated economic pressures, changes in government policy and inflationary pressures, demonstrating the Group’s resilience. The sector’s significant investments in transportation, water and energy infrastructure, underpins our confidence in the future with Murphy well-positioned to capitalise on the opportunities these investments bring.

“As we look ahead to our 75th anniversary in 2026, our ‘Murphy at 75’ vision, to be the leading family-owned construction business in the regions where we operate, is firmly within sight. Our primary focus remains on achieving long-term, sustainable growth, built on our ability to deliver reliable, high-quality outcomes for our customers and to leave a positive, lasting impact through our work and in the communities we support.”

• Completing civil works at Oswestry Water Treatment Works for United Utilities, marking significant progress on this critical infrastructure project.

• Successfully completing tunnelling activities on London Power Tunnels 2 (“LTP2”) as part of our Hochtief Murphy joint venture for National Grid.

• Delivering significant new stations at both Beaulieu and Cambridge on behalf of Network Rail.

• Making strong progress on the Twinstead Green Grid Supply Point for National Grid, including installation of the first Super Grid Transformer.

• Securing the first transportation contract in Ontario with our joint venture partner Kenaidan.

• Revenue reduced by 2% to £1,398m (FY23: £1,421m), reflecting our focus around customer and contract selectivity.  We saw a volume reduction in Canada following the completion of two major projects, although this was offset by our investment in WHC Energy Services in the USA and solid year-on-year growth in both the UK and Ireland, highlighting the strength and resilience of Murphy’s geographically diverse business model.

• Operating profit increased 11% to £79.6m (2023: £71.7m), driven by strong performance across all areas of the business and a continued focus on operational efficiency and high-quality project delivery.

• Net cash increased 15% to £400.5m (FY23: £347.1m), supporting ongoing investment in business growth, innovation, and sustainability-focused projects.

• Employee numbers increased by 5% to 4,060, up from 3,855 in 2023, as Murphy continues to develop talent while creating a diverse, inclusive and engaged workforce.

• We sustained our Lost Time Injury Frequency Rate (LTIFR) at 0.06 as we continued to grow internationally demonstrating a sustained commitment to the highest standards of health and safety across all operations and increased activity levels.

• Achieved a 6.1% reduction in carbon emissions versus 2023, culminating in a total reduction of 54% since 2019, marking our achievement of the Murphy at 75 emissions reduction target one year ahead of schedule.

• Invested £23.0m in state-of-the-art, environmentally conscious plant and equipment across the UK and Ireland in 2024.

• Continued strong performance during the opening months of 2025 while proactively managing the macroeconomic challenges facing the wider construction sector.

• Record order book of £5.4bn across the UK, Ireland and North America, a strong balance sheet and the pressing need for infrastructure investment underpins confidence in the future.

• Industry investment in our chosen sectors  continues, presenting growing opportunities in energy, water and transport, as demonstrated by the recently awarded Accelerated Strategic Transmission Investment (“ASTI”) programmes for National Grid and SSEN, along with the award of the development phase of the $1 billion Bloor-Yonge Station Capacity Improvement project in Toronto, Canada.

• Investment in a 40% share of Australia’s Abergeldie Complex Infrastructure, announced on 5 May 2025, marking the latest step in Murphy’s plans to extend its geographical reach whilst remaining focused on the commitment to improve life by delivering world-class infrastructure.

• Proven success in sectors such as energy security and infrastructure investment, along with continued growth in traditional markets, strengthens confidence in the Group’s strategic direction and long-term growth plans.

You can read the full report here.