Engineering and contracting group Murray & Roberts (M&R) expects to report narrowed losses for the financial year ended June 30.

It expects to report a headline loss a share of between 19c and 29c and a loss a share of between 16c and 26c, compared with the headline loss a share and loss a share of 71c reported for the 2023 financial year.

The above-mentioned figures are for continuing operations only.

M&R says the group delivered an improved financial performance for the year under review, not only for continuing operations, but also at an attributable earnings level which, for the prior year, included losses associated with the deconsolidation of the Australian businesses.

The group also moved from a net debt position to a net cash position, grew earnings and increased its order book.

"The voluntary administration of the group's Australian businesses in December 2022 and the loss of dividend flows from these businesses created severe liquidity constraints during the year under review. Significant effort went into rightsizing our cost structures towards creating financial stability.

"We redesigned the group's operating model and management structure, and reduced overhead costs across the group, including in the corporate office," the group notes in a trading statement ahead of the publication of its full-year results on September 11.

It also states that the group expects a saving in corporate costs of more than R100-million a year, when compared with the 2023 financial year, will be realised from the 2025 financial year.

"We are looking forward to full-year 2025, as the first year of a re-engineered, revitalised and refocused M&R. Our mining businesses are well established and are expected to continue doing well over the short to medium term.

"OptiPower is expected to deliver a modest earnings contribution as from full-year 2025, by capitalising on Eskom's transmission build-out plans," M&R says.

It adds that the group is positioned to pursue opportunities for growth, mostly through its international mining businesses. 

Further, M&R expects the group to return to pre-pandemic earnings levels from the 2027 financial year.