Business Irish

Wednesday 17 January 2018

Murphy pays €30m dividend to family

Nick Webb

Nick Webb

THE family of the late Cahirciveen-born construction magnate John Murphy shared a €30m dividend from the vast J Murphy & Sons building firm last year. No dividend was paid in 2010.

The Murphy story is a classic tale of rags to riches. The future tycoon moved from Kerry to the UK in the 1930s aged just 15, finding work as a building contractor.

He had oodles of entrepreneurial zeal and made his fortune during the Second World War, repairing airfields bombed by the Luftwaffe before cashing in on a major reconstruction and building programme funded by the British government following the war.

The Kerryman died in 2009 but his construction company has continued to perform strongly despite the downturn in the UK economy. J Murphy & Sons is now one of the largest civil engineering firms in the UK, with interests in rail, water and energy sectors, as well as the core business of building.

Sales at the company roared past the €650m mark last year, with profits jumping to almost €33m. The company is sitting on shareholders' funds of over €230m, making the Murphys one of the richest Irish families living in the UK.

Shareholders include a variety of trusts, as well as family members including Kildare-based Bernard Murphy and relatives including Kathleen, Caroline and James Murphy.

Sunday Indo Business

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