Press Releases

  • Murray & Roberts Announces Half Year Financial Results

    Johannesburg, 22 February 2017 – Murray & Roberts today announced its interim results for the six months ended 31 December 2016.



    • Compared to the previous reporting period, FY2017 H1 results were negatively impacted by:

      • Decline in earnings from the Oil & Gas platform (R172 million);

      • Cost increase to close out projects and the business in the Middle East (R130 million);

      • Forex movements (R244 million); and

      • Net present value charge of Voluntary Rebuild Programme with South African Government (R170 million).


    • Financial Results:

    • Revenue from continuing operations of R10,7 billion (December 2015: R13,0 billion);

    • Diluted continuing HEPS of 27 cents (December 2015: 93 cents);

    • Attributable loss of R60 million (December 2015: R376 million profit);

    • Cash net of debt of R1,1 billion (December 2015: R1,0 billion);

    • NAV of R14 per share (December 2015: R16 per share); and

    • Order book for continuing operations of R24,5 billion (December 2015: R35,2 billion).


    • Settlement of all Gautrain development period disputes.


    • Sale of Southern African Infrastructure & Building businesses and Genrec should be completed within the second half of the current financial year.


    • Record-low lost time injury frequency rate of 0.56 (December 2015: 0.78). Regrettably one fatal incident was suffered.


    • Approval to transfer the Company’s sub-sector listing on the JSE from Heavy Construction to Diversified Industrial received in February 2017. 




      Henry Laas, Murray & Roberts Group Chief Executive, comments: “Murray & Roberts is largely exposed to the cyclical global natural resources sector which has still not recovered from a period of prolonged weakness. This is reflected in the financial results recorded for the period under review.”


      The Group regularly reviews and adjusts its cost structures in line with the decline in revenue in a market which is likely to remain tough for the short to medium term, whilst it continues to focus on commercial and project management excellence.


      Revenue and profit from continuing operations were R10,7 billion (December 2015: R13,0 billion) and R119 million (December 2015: R389 million) respectively. After a loss from discontinuing operations of R179 million, the attributable loss was R60 million (December 2015: R376 million profit). Diluted continuing headline earnings per share (“HEPS”) decreased to 27 cents (December 2015: 93 cents). This result reflects a reduction in earnings from the Oil & Gas platform of R172 million, a provision for additional cost of R130 million for closing out projects and the business in the Middle East, a negative exchange rate movement of R244 million and a once-off charge of R170 million for the agreement entered into between all listed construction companies and the South African Government.


      Capital expenditure for the six months was R371 million (December 2015: R190 million) of which R136 million (December 2015: R86 million) was for replacement and R235 million (December 2015: R104 million) for expansion, mainly in the Underground Mining platform, which is an encouraging sign of a possible recovery in the mining sector. The Group recorded cash net of debt of R1,1 billion (December 2015: R1,0 billion).


      The order book for continuing operations decreased to R24,5 billion (December 2015: R35,2 billion).


      Health and safety


      The Board deeply regrets the death of Ditebogo Phuduhudu (27), who sustained fatal injuries whilst on duty on the Infrastructure & Building platform’s Noupoort Wind Farm Project in the Northern Cape. 


      The Group’s overall lost time injury frequency rate reduced to a record-low level of 0.56 (December 2015: 0.78). Our goal is zero harm to our employees, service providers and communities where we operate. Good safety performance is not only a moral obligation but also a differentiating factor for all our business platforms.




      In terms of the Group’s dividend policy communicated at the release of the Group’s FY2015 results on 26 August 2015, the board of directors of the Company (“Board”) will consider paying an annual dividend of between three and four times earnings cover.



      It is the Group’s vision to be a leading multinational group that applies its project lifecycle capabilities to optimise fixed capital investment.

      Post the sale of the Southern African Infrastructure & Building businesses and Genrec, the Group’s strategic direction is firmly focused on selected global oil & gas, metals & minerals and power & water market sectors. The three key drivers supporting long-term sustainable growth in these natural resources market sectors are: global economic growth, global population growth and continued urbanisation.

      The Company has received approval to transfer its sub-sector listing on the JSE from Heavy Construction to Diversified Industrial. The Diversified Industrial sub-sector most closely describes the nature of the Company’s current businesses and the change in sector will be effective from Monday, 20 March 2017.


    The global markets in which the Group operates have been depressed for the last few years and the Board expects difficult trading conditions to continue in the short to medium term. As shared in updates to the market in November and December 2016, the current financial year is turning out to be even more challenging than the past year.

    The outlook for metals and minerals is improving and it is expected that the Underground Mining platform will in the short term benefit from new investment in the mining sector. A recovery in the Oil & Gas platform will take longer as the LNG market is expected to remain well supplied until 2022.

    The Group’s businesses are respected for their capabilities and services and all platforms continue to focus on operational excellence, cost reduction and efficiency in order to trade through this difficult period.

    “The natural resources market sectors are cyclical and the Group is well positioned for the upcycle,” concludes Laas.



    *Please note that this media statement contains extracts from the full interim financial results for the six months ended 31 December 2016 and should be read in conjunction with the full interim financial results available on

    For further information contact:

    Ed Jardim

    Group Investor and Media Executive





    This announcement includes certain various “forward-looking statements” within the meaning of Section 27A of the US Securities Act 10 1933 and Section 21E 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 announcement 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 announcement 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 announcement.


    About Murray & Roberts

    Murray & Roberts has a long and proud heritage of more than a century and is today recognised as a multinational project lifecycle group. It’s the Group’s vision, by 2025, to be a leading multinational group that applies its project lifecycle capabilities to optimise client’s fixed capital investment. The Group achieves this by focusing its expertise and capacity on delivering sustainable and fit-for-purpose project engineering, procurement, construction, commissioning, operations and maintenance solutions.


    The Group delivers its capabilities into three global market sectors: oil & gas; metals & minerals and power & water. 


    Murray & Roberts is headquartered in Johannesburg, South Africa, and is listed on the JSE Limited. It has offices in:

    1. Africa:
      1. South Africa, Mozambique, Zambia and Ghana
    2. Australasia:
      1. Australia and South Korea
    3. Europe
      1. Scotland
    4. North America
      1. USA and Canada


    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.


    More information is available at