Interim report for the six months to December 2005

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Financials Excel 34kb

Financials


Commentary
Overview
Order book
Empowerment
Acquisitions & disposals
IFRS
Prospects
Notice to shareholders


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We are Murray & Roberts and we are South African

We strive for World Class Fulfilment in everything we do

We are primarily Engineers & Contractors

Our Core Competence is Industrial Design

Highlights

• Interim dividend up 33% to 20 cents per share
• Operating profit up 50%
• Operating cash flow up R107 million
• Strong order book up 13% to R9,6 billion
• Headline earnings maintained (excluding BBBEE transaction)
• Empowerment transaction concluded

Over the past six months, Murray & Roberts has secured a leading partnership position in a number of major public sector programs.
•	VRESAP Pipeline for TCTA
•	Pebble Bed Modular Reactor Demonstration Plant for PBMR
•	Coalink Locomotive Program for Spoornet
•	Gautrain Rapid Rail Link for Gauteng Province
•	Engineering Services for ESKOM Generation Expansion
This positions Murray & Roberts at the forefront of the South African engineering & construction market.

Commentary overview

On behalf of the directors we are pleased to announce a 33% increase in the interim ordinary dividend to 20 cents per share in respect of the half-year ended 31 December 2005. This reflects our confidence in the prospects for our markets and the strategy of the Group following five years of Rebuilding Murray & Roberts. It is the intention of the Board to proceed with a dividend policy of between 2,8 and 3,2 times cover on full-year headline earnings. Attention is drawn to the formal dividend announcement contained herein.

Prospects

A new performance platform has been established over the five years Rebuilding Murray & Roberts. Some aspects of the business must still show evidence of sustainable earnings growth and value creation, which remain a priority.