Murphy also aims to improve profitability across a portfolio of service to at least 5% net profit before tax, growing to 10% by 2025.
“Our 10 year plan is an agenda for growth,” says chief executive Steve Hollingshead in the company’s newly-published Murphy Business Review 2015.
“The strong operating performance across our business gives us confidence to invest, building a platform for us to double in size over the next 10 years.”
Mr Hollingshead, who joined Murphy in April 2015, says that he anticipates that international business will account for 15% of the group’s revenues by 2025. Murphy has a 50% shareholding in Murphy Pipe & Civil (MPC) in Australia and it also has a half share in Surerus Murphy in Canada.
2015 represented a turnaround year for Murphy, making £13.8m pre-tax profit on revenue of £647.5m. In 2014 it had made a loss of £9.7m before tax on £657.7m revenue. The 2014 loss was attributed to problems on a combined heat-and-power plant in Beckton, east London.