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MURRAY & ROBERTS’ SUBSECTOR CLASSIFICATION SHIFTS TO THE NEW ENGINEERING AND CONTRACTING SERVICES SUBSECTOR ON THE JSE
Friday, 19 March 2021Johannesburg, 19 March 2021 – Murray & Roberts has been advised by the JSE that on Tuesday, 23 March 2021, its classification on the JSE will move from Diversified Industrials to the Engineering and Contracting Services subsector, a new subsector to be introduced by FTSE Russell and the enhanced Industry Classification Benchmark.Henry Laas, Group Chief Executive comments: “Implementation of the Group’s New Strategic Future strategy over the last five years has had the desired effect of developing and diversifying the Group’s three business platforms. The strategy has included the successful disposal of non-core assets in order to focus the Group on the natural resources market sectors, which offer greater long-term fundamentals. The Group’s new subsector will be more descriptive of our strategic positioning.”The Group also broadened its market focus to mitigate market cyclicality, which is typical of natural resources markets. In addition to natural resources, the industrial, energy, water and specialised infrastructure sectors all form part of the Group’s target market.“This broader market focus includes sectors that present opportunity for growth, diversification and differentiation for each of the business platforms,” concludes Laas.Accordingly, towards the end of the 2020 calendar year, the Group’s business platforms were renamed to better describe the market sectors in which they are positioned to operate as specialist contractors. The Oil & Gas platform was renamed the Energy, Resources & Infrastructure platform, the Power & Water platform was renamed the Power, Industrial & Water platform and the Underground Miningplatform was renamed the Mining platform.At the Group’s interim financial results released to the market on 3 March 2021, the Group reported a record order book of R60,5 billion. The Group is well positioned for a return to profitability in FY2022 and to achieve meaningful earnings growth in the short to medium term.For further information contact:
Ed JardimGroup Investor and Media ExecutiveE-mail: email@example.comAbout Murray & RobertsMurray & Roberts is a leading engineering and construction services group of companies and focuses its expertise and capacity on delivering sustainable project engineering, procurement, construction, commissioning, operations and maintenance solutions.The Group delivers its capabilities into the resources, industrial, energy, water and specialised infrastructure sectors.The Group disposed of its infrastructure businesses in April 2017 and no longer delivers any civil and building construction projects.Murray & Roberts is headquartered in Johannesburg, South Africa, and is listed 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.
For more information about Murray & Roberts, please visit www.murrob.com