Murray & Roberts has, since the announcement of the company’s interim results on 28 February 2018, been awarded new underground mining projects in the North American and Australasian markets to the value of R3.8 billion.
The projects will be delivered over a period of up to four years.
The value of these awards represents an increase of approximately 25% on the published Underground Mining platform order book of R15.3 billion as at 31 December 2017.
Murray & Roberts Underground Mining platform is adequately resourced to undertake this work and has the capacity to take on additional work.
Based on market research guidance, Murray & Roberts expects that the improvement in the commodity cycle and increased investment by mining companies will present long-term growth potential for its mining business.
February 2018 interim results
- Financial results:
– Revenue from continuing operations increased by 10% to R11.8 billion
– Diluted continuing HEPS increased by 104% to 55 cents
– Attributable earnings increased by 283% to R110 million
– Cash, net of debt, increased by 18% to R1.3 billion
– Order book for continuing operations declined by 10% to R22.1 billion
- Strong performance and earnings growth reported by the Underground Mining platform, which is the largest contributor to Group earnings.
- Acquisition of a further 17% interest in the Bombela Concession company (RF) – an investment yielding strong returns.
- Improvement in group financial performance is mainly due to a reduced loss in the Middle East and the one-off charge relating to the Voluntary Rebuild Programme incurred in the prior period, not repeated in the current period.
- Lost time injury frequency rate deteriorated to 1.19. Regrettably, one fatal incident occurred.