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MUR
MUR
MUR - Murray & Roberts Holdings Limited - Trading Statement
MURRAY & ROBERTS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1948/029826/06
JSE Share Code: MUR
ISIN: ZAE000073441
("Murray & Roberts" or "Group")
TRADING STATEMENT
Shareholders are referred to the Business Update published on SENS following
the annual general meeting of Murray & Roberts shareholders on 21 October
2009. While there has been little change in market conditions overall, the
Group`s international operations are experiencing more robust market activity
than is evident in South Africa.
It is expected that revenue and operating profit for the first half-year to
31 December 2009 will be 10% to 20% lower than the previous comparable period
and that diluted headline earnings per share and diluted earnings per share
will be between 15% and 20% lower than the previous comparable period.
The primary contributors to this performance profile are:
* the strength of the SA Rand against the US Dollar and other currencies
which translates international performance at a lower level compared
to the previous first half-year;
* performance weakness in the Engineering SADC cluster due primarily to
reduced Southern Africa industrial and mining activity and delays to
the Eskom power program;
* no further profit recognition in respect of the Gautrain Project;
* difficult trading conditions in the steel reinforcing sector; and
* higher finance charges due to the funding of increased working
capital.
The Group`s project order book remains stable and stood at R42 billion at 31
October 2009, supported by a domestic and international project pipeline that
is showing early signs of growth, particularly in the Group`s international
markets. There is a strong indication, however, that the work secured by the
Group at Kusile Power Station will be delayed, while the start of mechanical
erection at the Medupi Project is now delayed by almost a year.
Murray & Roberts has supported the decision by Bombela to offer a modified
specification for phase 1 completion of the Gautrain Project in time for the
2010 FIFA Soccer World CupTM. This will require a significant effort from
all parties involved in the project to overcome the remaining delays caused
by the late transfer of land, dolomite rectification works in the Centurion
area and funding constraints still subject to extended dispute resolution
processes.
The Group will publish its financial results for the first half-year on 24
February 2010, including a prospects statement for the full year to 30 June
2010.
The above financial information has not been reviewed or reported on by the
Group`s auditors and is provided in terms of paragraph 3.4(b) of the JSE
Listings Requirements.
Bedfordview
25 November 2009
Sponsor:
Deutsche Securities (SA) (Pty) Ltd
Date: 25/11/2009 14:02:02 Produced by the JSE SENS Department.
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