J Murphy and Sons’ statutory profits fell in 2022 despite revenue rising by more than £200m.
The valuation of the company’s property portfolio increased by £44.4m in 2021, contributing to a statutory pre-tax profit figure of £61.7m this year.
In contrast, the company’s pre-tax profit in 2022 was £44.6m, down £17.1m. The profit figure includes a £623,000 decrease in the valuation of the property portfolio.
When property valuations are not taken into account, Murphy’s underlying profit rose by £27.9m last year.
The Camden-based company’s other financial results were strong, with group revenue up 17 per cent to £1.5bn.
The order book grew by 13 per cent to £2.5bn, and net cash rose by 27 per cent to £276m. The number of employees increased from 3,579 to 3,688.
Chief executive John Murphy said the business was “well positioned for sustainable growth, particularly in the areas of energy transition and security where our self-delivery model and engineering capabilities are an advantage”.
He added that the firm “maintained disciplined contract selectivity, concentrating on the right projects in familiar sectors and geographies.”
“We have a high quality order book, exciting opportunities in the pipeline and are well positioned to benefit from future investment trends in the UK, Ireland and Canada,” Murphy said.
