M&R's attributable loss narrows to R138m
Engineering and contracting services company Murray & Roberts (M&R) has substantially narrowed its attributable loss to R138-million for the financial year ended June 30, from the loss of R3.18-billion reported for the 2023 financial year.
Its results for the 2023 financial year were reflective of the losses associated with the loss and deconsolidation of the businesses in Australia in December 2022.
M&R says that, notwithstanding an improved financial performance in its core operations, the impact of the voluntary administration of the group’s Australian businesses continued to flow through into the financial year under review, the most notable being the challenge of servicing corporate debt in South Africa without dividend flows from the Australian operations.
Nevertheless, the group moved from a net debt position of R300-million to a net cash position of R400-million and grew earnings despite experiencing liquidity pressure in South Africa.
"The year’s financial result was impacted by a loss incurred in OptiPower, largely resulting from liquidity constraints giving rise to delays in procurement and project progress," the group states.
Earnings before interest and taxes from continuing operations were R170-million, compared with the R91-million reported for the 2023 financial year, while revenue from continuing operations increased to R13.5-billion, from R12.5-billion the year before.
The group's order book also increased to R17.2-billion, compared with R15.4-billion the year before, while near orders increased to R10-billion, compared with R9.1-billion the year before.
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