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M&R swings into H1 profit, says growth strategy under way

28th February 2013

By: Terence Creamer

Creamer Media Editor

  

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Diversified engineering and construction group Murray & Roberts, which has been undertaking far-reaching restructuring as part of a turnaround plan, swung into profit during the six months ended December 31, 2012, reported attributable earnings of R262-million.

During the corresponding period in 2011, the group reported a R528-million attributable loss.

CEO Henry Laas indicated in a note to investors that the turnaround was mainly the result of the completion of “problematic contracts” and that the group was now pursuing its growth strategy.

The JSE-listed group’s order book remained stable at R48.3-billion

Revenue improved 9% to R16.3-billion during the interim period and headline earnings a share improved from a loss of 190 c/share to a profit of 69 c/share.

A number of noncore assets were disposed during the period and further units were in the process of being sold. But Laas indicated that growth strategy would also include future acquisitions.

Edited by Creamer Media Reporter

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