M&R reports strong rise in earnings but holds back on dividend
Engineering and contracting group Murray & Roberts (M&R) reported a strong rise in revenue and earnings during its financial year to the end of June, but held back on declaring a dividend, owing to what it described as a significant order book, its expected growth trajectory and future working capital requirements.
M&R’s revenue increased to R29.9-billion (R21.9-billion) on the back of a strong increase in revenue from its energy, resources and infrastructure platform, which operates under the Clough brand, and which has a strong presence in the Australian and Asian markets.
The JSE-listed group reported attributable earnings of R135-million, having reported a R180-million loss in the prior year, while diluted continuing headline earnings a share rose to 58c, from 16c.
M&R’s order book fell slightly to R59.5-billion from R60.7-billion, but it pointed to a significant growth in near orders of R60.4-billion and said the pipeline included “high-profile, multi-year projects”.
Difficult market conditions impacted the group’s profitability, resulting in a 2.4% operating margin, which is below the targeted range of between 3% and 5%.
M&R said it expected its operating margin to improve as from the 2024 financial year.
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