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| EXECUTIVE SUMMARY |
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The Directors are pleased to declare a final dividend of 119 cents per share (2007: 71 cents
per share) increasing the total dividend for the full year by 69% to 196 cents per share (2007:
116 cents per share). Attention is drawn to the formal dividend announcement contained
herein.
Operating cash inflow is up 61% at R3,12 billion (2007: R1,94 billion) for the year with a
year-end net cash position of R4,3 billion (2007: R2,6 billion) after net capital expenditure up
72% at R1,67 billion (2007: R968 million). The R445 million decrease in working capital
(2007: R637 million) reflects improved payments in Middle East and advance payments on
major projects.
Headline earnings of 550 cents per share is up 69% on the previous year at the top-end of
recent guidance offered to the market and ahead of the prospects statements included in the
2007 Annual Report and 2008 Interim Report. We are pleased with the turnaround in the
fortunes of 56% held subsidiary Clough Limited (ASX: CLO) from the 38 cents per share loss
recorded in the previous financial year.
Operating profit increased 63% to R2,40 billion (2007: R1,47 billion) on a 57% increase in
revenues to R27,9 billion (2007: R17,8 billion). The operating margin of 8,6% (2007: 8,2%) is
again the highest ever recorded by Murray & Roberts and has moved well within the revised
strategic range of 7,5% to 10,0% set for the foreseeable future.
Shareholder Funds increased 34% to R4,86 billion (2007: R3,64 billion) and a return of
40,3% (2007: 20,9%) on average shareholder funds in the year underpins an increase in the
strategic Group target threshold from 20% to 30%. |
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