Loss on Beckton deal puts Murphy into the red

摘要

J Murphy & Sons has attributed "a substantial loss" on the major combined heat and power plant in Beckton, east London, for it reporting a £9.1M pre-tax loss for 2014. The group's director, Bernard Murphy, said the plant had suffered "difficulties with design, cost escalation, supply chain and engine related technical breakdowns" which he said "overshadowed what was otherwise a very satisfactory year". He added that the firm was "reviewing its entitlements for recovery on all fronts for this project". The pre-tax loss for the 2014 calendar year compares to a £34.7M pre-tax profit the previous year. Turnover dropped 18% to £780M, down from £954M in 2013, which the firm attributed to lower revenue from its joint venture business in Australia coming off an "exceptional" 2013 for the venture.