Murphy has reported a 69% rise in profits in its latest set of financial figures.

With profits jumping to £23.3 million from £13.8m in 2015, the success indicates the organisation is on track with its 10-year plan to generate £2 billion in revenue by 2025.

For the year ended December 2016, Murphy's revenue was £614m, with a cash balance of £97m. The net assets at balance sheet date stood at £214.1m, while the group order book was £1.2bn, compared with £962m in 2015.

2016 also saw Murphy secure a number of significant contracts, such as enabling works for HS2 as part of LM, the joint venture with Laing O'Rourke, and being named preferred bidder for the tunnelling element of the £2.4bn York Potash mine with Hochtief.

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Elsewhere, the Group's Canadian business Surerus-Murphy built an order book worth $400m.

With new appointments to strengthen its director and management boards, as well as a revamp of its culture development programme, Chief Executive Officer Steve Hollingshead said the company can look back on the year with "considerable pride".

"It was a year when we overachieved against our financial goals and I'm proud that Murphy and our people continued to deliver," he said.

"Our ten-year plan is about sustainable growth and taking Murphy to the next level. But this is not simply a set of target numbers and a determination to hit them.

"The plan is like construction itself – making sure that every part of our business is professional, rock-solid and able to support the ambitious plans we have for our development."

(LM/JP)