This is expected to be established through the successful delivery of the group’s recovery and growth strategy, which has restored financial stability to Murray & Roberts over the last three years.
“The group is now proceeding with its longer term plan to build a new strategic future. By 2020 the group aims to be a leading international diversified project engineering, procurement and construction group in selected natural resources market sectors,” Murray & Roberts said.
“Specifically, the group aims to grow in the oil and gas, mining, energy and industrial markets, where it is able to leverage its current capabilities.”
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The engineering-led contractor also reported that revenue for the year ending 30 June 2014 increased to 36 billion rand from 34 billion rand for the same period in 2013.
“At 30 June 2014, the net cash position was 1.8 billion rand, after the group acquired the minority shareholding in Clough for 4.4 billion rand in December 2013,” the company said.
“The group’s order book reduced to 40.9 billion rand. The reduction is primarily due to the run-off in Clough’s order book as the nature of its work is changing from longer term greenfields liquefied natural gas (LNG) projects to shorter term brownfields projects.”
However, profit before taxation declined to 1.4 billion rand in the 2014 year from 1.5 billion rand in 2014.
Diluted earnings per share, from continuing operations, increased from 174 cents in 2013 to 203 cents in 2014 and a dividend per share of 50 cents was declared.
“In terms of the dividend policy the board has declared a gross annual dividend of 50 cents per share. The company has sufficient STC credits and consequently no withholding tax will be deducted. The dividend has been declared from income reserves,” said Murray & Roberts.
“The board is pleased with the group’s improved financial position and expects the earnings growth trend to continue in the medium-to long term.”