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MURRAY & ROBERTS HOLDINGS LIMITED - Trading statement for the six months ended 31 December 2023

Release Date: 29/02/2024 14:23
Code(s): MUR     PDF:  
Wrap Text
Trading statement for the six months ended 31 December 2023

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 the "Group")

TRADING STATEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2023

The voluntary administration of the Group's Australian subsidiaries in December 2022,
significantly reduced the size of the Group. Today, Murray & Roberts is an engineering and
contracting services company, now focused on the international underground mining
market, and the renewable energy and power infrastructure markets in Sub-Saharan Africa.

Considering the Group's reduced earnings base, it had to agree a deleveraging plan to
settle its debt in South Africa with a consortium of South African banks. As outlined in the
SENS announcement published on 8 December 2023, the Group has made meaningful
progress with its deleveraging plan, and its remaining debt in South Africa has been
reduced to circa R400 million, down from circa R2 billion in April 2023. The final milestone
in the deleveraging plan is to refinance this remaining debt by June 2024.

The Group has further made meaningful progress towards implementing a sustainable
capital structure, which, following a thorough cost review, necessitated several cost
rationalisation and restructuring decisions, which will be detailed in the publication of the
Group's interim results.

The Group expects to report FY2024 H1 results within the following ranges:

Results from continuing and discontinued operations

                                                      FY2024 H1                FY2024 H1       FY2023 H1*
                                                       Expected                Expected         Published
                                                        range                    range            result
                                                          %                       cps              cps
 HEADLINE LOSS PER SHARE
 Basic                                                  91 – 93                 (29) – (24)      (322)
 Diluted                                                91 – 93                 (29) – (24)      (322)
 LOSS PER SHARE
 Basic                                                  96 – 97                 (26) – (21)      (627)
 Diluted                                                96 – 97                 (26) – (21)      (627)

*Inclusive of the loss from the deconsolidation of Murray & Roberts Pty Ltd, Clough and RUC.
Results from continuing operations

                                           FY2024 H1            FY2024 H1            FY2023 H1            FY2023 H1**
                                           Expected             Expected             Published             Restated
                                             range                range                result               result
                                               %                   cps                  cps                   cps
 HEADLINE LOSS PER
 SHARE
 Basic                                       37 – 53            (19) – (14)                (30)                 (27)
 Diluted                                     37 – 53            (19) – (14)                (30)                 (27)
 LOSS PER SHARE
 Basic                                       45 – 62            (16) – (11)                (29)                 (26)
 Diluted                                     45 – 62            (16) – (11)                (29)                 (26)

**Restated for Insig Technologies, previously reported as continuing operations, now reported as discontinued
operations.


FOCUSED ON THE FUTURE

The Group is committed to creating shareholder value from the current low base and to
ensure that Murray & Roberts excels as an engineering and contracting services provider
to the global underground mining market and its chosen market sectors in Southern Africa.

PUBLICATION OF INTERIM FINANCIAL RESULTS

Murray & Roberts intends to publish its interim financial results for the six months to 31
December 2023 on SENS on Wednesday, 6 March 2024 before 15:00 (CAT).

The information contained in this announcement has not been reviewed and reported on by
Murray & Roberts' external auditors.

Bedfordview

29 February 2024

Sponsor
The Standard Bank of South Africa Limited

Date: 29-02-2024 02:23:00
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