Murray & Roberts 'New Strategic Future' plan gathers momentum

Photo: Supplied

Photo: Supplied

Published Nov 28, 2019

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CAPE TOWN - Murray & Roberts said on Thursday that it had a quality order book of R54.8 billion, with near orders of R5.1bn as at October 31, while its New Strategic Future plan was gathering momentum and bearing results.

This was according to a business update provided at the annual meeting on Thursday.

“The group is confident that its growth plans over the medium term are achievable and it has the necessary financial capacity to support these plans,” the group said in the update statement.

Following several acquisitions the prior financial year, the 2020 financial year would be one of consolidation for all three business platforms, with the focus on growing the order book and on successful project delivery.

The group aimed to be consistent in declaring dividends, as it had done over the past five years.

The Underground Mining platform continued to perform well. The Oil & Gas platform was recovering from a low base and client timeframes for the award of new projects continued to be highly variable.

The Power & Water platform order book remained stable, but it would take time to re-establish the business post completion of the Medupi and Kusile power projects.

M&R said it did not agree “in many respects” with the analysis, conclusions and recommendations in a Department of Labour report from the inquiry into the Grayston temporary works collapse.

In this report the Department’s Presiding Inspectors had made findings regarding alleged transgressions of health and safety statutory obligations by various parties, including Murray & Roberts Construction, a former subsidiary of Murray & Roberts.

“All costs relating to this matter have been previously accounted for and no further financial impact is expected,” the group said.

BUSINESS REPORT 

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