Press Releases

Murray & Roberts Announces an Increase in Earnings and Resumes Dividend Payment

27 August 2014

Johannesburg, 27 August 2014 – Murray & Roberts today announced its annual results for the year ended 30 June 2014.


The Group reported revenue of R36 billion (June 2013: R34,2 billion) and attributable earnings of R1,3 billion (June 2013: R1 billion). Diluted earnings per share was 305 cents (June 2013: 245 cents). Diluted continuing headline earnings per share was 205 cents (June 2013: 123 cents), representing growth of 67%, compared to the last year. At 30 June 2014, the net cash position was R1,8 billion (June 2013: R4,3 billion), after the Group acquired the minority shareholding in Clough for R4,4 billion in December 2013. A full year dividend of 50 cents was declared.

The Group’s order book reduced to R40,9 billion (June 2013: R46,1 billion). The reduction is primarily due to the run-off in Clough’s order book as the nature of its work is changing from longer term greenfields liquefied natural gas (“LNG”) projects to shorter term brownfields projects.

Henry Laas, Group Chief Executive comments: “Over the last three years, during which it delivered its Recovery & Growth strategy, the Group restored financial stability and returned to profitability, re-organised and re-energised the businesses and resumed the dividend payment. The Group is now proceeding with its longer term plan to build a New Strategic Future.”


The safety of employees remains a top priority. The Group’s safety performance improved to a record-low lost time injury frequency rate (“LTIFR”) of 0.80 (2013: 0.82), by driving the application of its health and safety framework and commitment to zero harm. Tragically, four fatal incidents were recorded in FY2014, and the Board extends its condolences to the families of the deceased.

“Fatal workplace incidents are unacceptable and the Group remains committed to the prevention of all serious safety incidents. We will continue to focus on operational discipline and entrenching safety management practices and procedures in order to prevent the occurrence of such tragedies,” comments Laas.


“The Board is pleased with the R4,4 billion acquisition of the minority shareholding in Clough in December 2013 and the strong financial results delivered in the period under review,” comments Laas. The Oil & Gas platform continued to deliver strong operational and financial results. Clough recorded an excellent financial result. Revenues increased by 18% to R17,5 billion (June 2013: R14,8 billion) and operating profit reached R1 026 million (June 2013: R1 502 million – which include R681 million profit on the disposal of Clough’s investment in Forge). In Australia, the investment boom in new LNG projects is slowing down, and the market is transitioning to a sustaining brownfields operations and maintenance market, creating opportunities for Clough to secure new contracts for services on the projects it helped build. Although Clough’s order book has reduced, the outlook remains promising. Clough is also expanding its service offering globally.

Considering the recent subdued state of the commodity cycle, the Underground Mining platform is performing well, and is showing strong growth potential in developing its order book in all main geographic areas, off a relatively low base. Revenues decreased by 16% to R6,6 billion (June 2013: R7,9 billion) and operating profit of R258 million (June 2013: R318 million) was also down from the previous year. The platform expects an improvement in the global mining projects market, and there is a large investment pipeline of underground projects in regions where the platform has a presence.

The Energy & Industrial platform continues to be largely dependent on the Kusile and Medupi power station projects, whilst it is establishing a position in the broader local petrochemical, industrial engineering and renewable energy sectors. Revenues decreased by 6% to R4,8 billion (June 2013: R5,0 billion) and operating profit improved to R144 million (June 2013: R137 million). The platform is also targeting the industrial water sector. The key prospects in the short term lie in the renewable energy programme, and good relationships have been established to access a fair share of work on available projects. The power programme on Medupi and Kusile also continues to offer new opportunities.

The Infrastructure & Buildings platform has returned to profitability, albeit at low margins as the South African construction sector continues to be extremely competitive. The platform seeks to create value through operational excellence. Revenues increased by 11% to R7,2 billion (June 2013: R6,5 billion) and operating profit of R196 million (June 2013: R85 million loss) was recorded. In the Middle East, the platform secured two new building projects in the year under review. The South African market in general remains subdued, with pockets of activity in buildings and infrastructure work. The platform has achieved preferred bidder status for civil infrastructure work on three wind farms to be developed in the new financial year.


“We are pleased with the Group’s improved financial position and expect the earnings growth trend to continue in the medium-to long term. By 2020, Murray & Roberts aims to be a leading international diversified project engineering, procurement and construction group in selected natural resources market sectors. Specifically, we are targeting the oil and gas, mining, energy and industrial markets, where we are able to leverage our current capabilities,” concludes Laas.


*Please note that this media statementcontains extracts from the full Provisional Report for the year ended 30 June 2014 and should be read in conjunction with the full Provisional Report available on 

For further information contact:

Ed Jardim
Group Communications Executive
Mobile +27 83 357 6282+27 83 357 6282

Murray & Roberts Client Service
Tel:     +27 (0)11 456 1144+27 (0)11 456 1144
Fax:    +27 (0)86 637 0113



This media statement includes certain various “forward-looking statements” within the meaning of Section 27A of the US Securities Act 10 1933 and Section 21 E of the Securities Exchange Act of 1934 that reflect the current views or expectations of the Board with respect to future events and financial and operational performance. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements, including, without limitation, those concerning: the Group’s strategy; the economic outlook for the industry and the Group’s liquidity and capital resources and expenditure. These forward-looking statements speak only as of the date of this media statement and are not based on historical facts, but rather reflect the Group’s current expectations concerning future results and events and generally may be identified by the use of forward-looking words or phrases such as “believe”, “expect”, “anticipate”, “intend”, “should”, “planned”, “may”, “potential” or similar words and phrases. The Group undertakes no obligation to update publicly or release any revisions to these forward looking statements to reflect events or circumstances after the date of this media statement or to reflect the occurrence of any unexpected events. 

Neither the content of the Group’s website, nor any website accessible by hyperlinks on the Group’s website is incorporated in, or forms part of, this media statement.

About Murray & Roberts

Murray & Roberts is a leading South African engineering, contracting and construction services company. It has created employment, developed skills, applied technology and delivered infrastructure since 1902.

The company offers civil, mechanical, electrical, mining and process engineering; general building, construction and infrastructure development services in the global underground mining market and selected emerging markets in the natural resources and infrastructure sectors.

The company operates in Southern Africa, Middle East, Southeast Asia, Australasia and North and South America. The company is based in Johannesburg South Africa, where it has a public listing on the JSE Limited.

Murray & Roberts is a group of world-class companies and brands aligned to the same purpose and vision, and guided by the same set of values.
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