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Murray & Roberts believes that profitable opportunity drives capacity and that industry sector
leaders play a key role in this process. The Directors have approved a number of investment
initiatives driven by management that will enhance Group and industry capacity to meet the
complex and growing demands of the market over the foreseeable future.
Reviewing past Annual Reports of the Group, there seems little that has changed from the
period 40 years ago in 1967 when the critical mass of the Group was enhanced through the
merger of Roberts Construction and Murray & Stewart, and 30 years ago in 1977 when fixed
investment in South Africa commenced its 25 year period of decline. Yet Murray & Roberts in
particular and the industry in general rose to the challenge at the time and delivered significant
world class economic infrastructure through a period of resource and skills deficit.
This was a period when many people still in the industry, started their careers.
But as it was in 1967, critical mass remains an important differentiator for success in a market
where major and complex projects become the order of the day. Global scale for global
projects and investment programs remains a challenge in our industry sector, where the
majority of players are small relative to risk and impediments to consolidation on a national
level are high.
Fully diluted headline earnings per share after consolidation of Clough is expected to grow
between 30% and 40% in the year ahead, supported by ongoing market related growth.
This Trading Statement has not been audited or reviewed and is provided in terms of
paragraph 3.4(b) of the JSE Listings Requirements. |
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