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MUR
MUR
Murray & Roberts - Announcement And 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 "the Group")
ANNOUNCEMENT AND BUSINESS UPDATE
Shareholders are advised that following a rearrangement of executive
responsibility in the Group"s SADC construction activities, Stephen Pell,
director of Murray & Roberts Limited and member of the Murray & Roberts
Executive Committee, has stepped down as managing director of Murray & Roberts
Construction with effect from 31 December 2005.
Executive director Sean Flanagan, who holds corporate responsibility for Murray
& Roberts Construction, has been appointed interim chief executive of the
company with specific focus on the South African market. Sean will continue with
his corporate responsibility for Murray & Roberts Cementation and his leadership
involvement in the Bombela joint venture for the Gautrain Project.
A formal selection process will identify and appoint an appropriate successor as
managing director of Murray & Roberts Construction for the future of this
important business.
In addition to his existing responsibilities, executive director Keith Smith
assumes corporate responsibility for the Group"s construction operations in
Botswana, Namibia and Tanzania in addition to his responsibility for the Group"s
investment in Murray & Roberts Zimbabwe. Keith will also assume corporate
responsibility for Concor on completion of the acquisition.
Murray & Roberts Construction experienced a difficult first-half to the current
financial year, following a below-par performance in the previous year to 30
June 2005. Two building contracts in Tanzania and Botswana in particular have
not delivered to expectation compounded by continuing difficulties in the
Western Cape market. Notwithstanding this, operating profits in the Group are
expected to increase in both the half-year and full year relative to the
previous reporting periods.
Corporate activity over the past year has resulted in increased finance costs
and minorities, which combined with a significant reduction in associate
earnings relative to the previous year, will reduce growth in headline earnings
relative to the above levels of growth in operating profit. Although some
uncertainty still exists in the associate contribution from Clough, Murray &
Roberts remains of the view that the Group will deliver real growth in headline
earnings per share for the full financial year, prior to any accounting
adjustment attributable to the Group"s broad-based black economic empowerment
transaction (refer SENS announcement of 2005/12/19).
Johannesburg
13 January 2006
Sponsor:
Merrill Lynch South Africa (Pty) Ltd
Date: 13/01/2006 02:59:09 PM Produced by the JSE SENS Department
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