M&R’S ORDER BOOK RISES TO OVER R46BN, WITH MORE IN PIPELINE

Engineering and construction group Murray & Roberts (M&R) reported a strong rise in its order book to R46.8-billion, a 55% increase when compared with its order backlog of R30.1-billion reported a year ago.

The increase, the company said on Wednesday, was underpinned mainly by new orders placed with its oil and gas platform.

The company also reported “near orders” worth R14.4-billion, most of which were associated with its oil and gas and underground mining platforms.

Orders for the group’s power and water platform continued to decline, owing to weak market conditions in South Africa and the fact that the Medupi and Kusile power projects were nearing completion.

M&R also reported a 26% rise in attributable earnings to R337-million for the year to June 30, 2019, from R267-million in the previous financial year.

Group revenue fell 7% to R20.2-billion from R21.8-billion, while diluted continuing headline earnings per share decreased by 10% to 101c, from 112c in 2018.

Following a review of M&R’s dividend policy, the board resolved to increase the gross annual dividend for the year under review to 55c/share, up from the 50c/share declared in 2018. https://www.engineeringnews.co.za/article/mrs-order-book-rises-strongly-to-over-r46bn-2019-08-28