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M&R H1 order book, revenue marred by oil, gas sector slowdown

M&R CEO Henry Laas

M&R CEO Henry Laas

Photo by Duane Daws

26th February 2015

By: Creamer Media Reporter

  

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JSE-listed Murray & Roberts’ (M&R’s) order book decreased to R37.8-billion in the six months to December 31, compared with an order book of R44.9-billion as at December 2013.

The group attributed the decrease in its order book to smaller and shorter-term contracts being undertaken by its Oil & Gas platform, as well as the fact that few new projects had been secured by its Infrastructure & Building and Energy & Industrial platforms.

However, the Underground Mining platform’s order book improved to R13.8-billion in the six months under review, compared with R9.5-billion in the prior comparable period.

The group, led by CEO Henry Laas, had also secured near orders of R15-billion post period-end, R9.4-billion of which was secured by the Underground Mining platform.

Meanwhile, the group’s diluted headline earnings per share (HEPS) from continuing operations had increased by 39% to 79c in the six months under review, compared with diluted HEPS from continuing operations of 57c in the first half of the prior financial year.

Group revenue fell by 15% year-on-year to R15.9-billion, mainly owing the decline in revenue earned by the Oil & Gas platform to R6.8-billion, from R9.6-billion in the six months to December 2013.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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