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MUR
MUR
MUR - Murray & Roberts Holdings Limited - Business update
MURRAY & ROBERTS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1948/029826/06
JSE Share Code: MUR
ISIN Code: ZAE000073441
("Murray & Roberts" or "Group")
BUSINESS UPDATE
Shareholders are referred to the Business Update published on SENS following the
annual general meeting on 28 October 2008. The global financial crisis has
continued to worsen and the construction sector has been severely downgraded by
the investment market on fears of recession and depleted future work
opportunity.
Cash flow constraint in a few clients has resulted in the suspension of or delay
to some projects in each of the Group`s markets, which are fully accounted in
the Group`s current performance review. There is no resolution as yet to the
Pakar mining project in Indonesia as notified previously and the Group will
follow the direction taken by its subsidiaries Petrosea and Clough on this
matter.
The directors have reviewed the Group`s consolidated results for the first
quarter to 30 September 2008 and first budget assessment for the year ahead and
notwithstanding the above, maintain the market guidance for the financial year
to 30 June 2009. Shareholders are cautioned to be prudent with this guidance as
the potential impact of current market volatility may manifest itself on
construction sector and Group performance in the future.
The directors have approved a comprehensive organisational change to be
implemented by end-December 2008 that will sharpen operational and business
development focus across all domestic and international operations. This will
include a comprehensive program of cost elimination. The current executive
management team has committed to implement these changes and to continue leading
the Group through the current market turmoil.
The Group`s substantial project order book provides a solid performance
foundation for the period up to 2012 and beyond. There are a number of
significant public works and other strategic opportunities in the Group`s
domestic and international project pipeline that are likely to proceed and which
will provide stability through the difficult times ahead.
This business update has not been reviewed or reported on by the Group`s
auditors either in accordance with ISAE 3400 or ISAE 3000 (Revised) and is
provided in terms of paragraph 3.4(b) of the JSE Listings Requirements.
Bedfordview
25 November 2008
Sponsor:
Merrill Lynch South Africa (Pty) Ltd
Date: 25/11/2008 09:29:01 Produced by the JSE SENS Department.
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completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
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