Africa|Energy|Engineering|Financial|Infrastructure|Mining|Power|Renewable Energy|Renewable-Energy|Services|Sustainable|Underground|Contracting|Infrastructure|Operations
Africa|Energy|Engineering|Financial|Infrastructure|Mining|Power|Renewable Energy|Renewable-Energy|Services|Sustainable|Underground|Contracting|Infrastructure|Operations

M&R to report narrowed losses, improved capital structure

29th February 2024

By: Schalk Burger

Creamer Media Senior Deputy Editor


Font size: - +

JSE-listed engineering and contracting services company Murray & Roberts (M&R) on February 29 said it has made meaningful progress towards implementing a sustainable capital structure.

In a trading statement for the six months ended December 31, 2023, the group noted that it would provide further details when it publishes its interim results on March 6. It noted that this would include details about several cost rationalisation and restructuring decisions that had to be taken following a thorough cost review.

Further, considering the group’s reduced earnings base, it has agreed to a deleveraging plan to settle its debt in South Africa with a consortium of South African banks.

"As stated in December, the group has made meaningful progress with its deleveraging plan, and its remaining debt in South Africa has been reduced to around R400-million, down from around R2-billion in April 2023."

The final milestone in the deleveraging plan is to refinance this remaining debt by June this year, M&R said.

For its continuing operations for the half-year period, the company said it expects to report a headline loss a share of between 14c and 19c, compared with the headline loss a share of 27c reported for the first half of its 2023 financial year.

Similarly, its loss a share for the interim period is expected to be between 11c and 16c, compared with a loss a share of 26c in the prior comparable period.

M&R is an engineering and contracting services company focused on the international underground mining market, and the renewable energy and power infrastructure markets in sub-Saharan Africa.

"The group is committed to creating shareholder value from the current low base and to ensure that M&R excels as an engineering and contracting services provider to the global underground mining market and its chosen market sectors in Southern Africa," it said in the trading statement.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online


Latest News

G Mining buys Reunion’s Guyana project
G Mining buys Reunion’s Guyana project
23rd April 2024 By: Mariaan Webb


Yale Lifting Solutions
Yale Lifting Solutions

Yale Lifting Solutions is a leading supplier of lifting and material handling equipment in Southern Africa. Yale offers a wide range of quality...

Werner South Africa Pumps & Equipment (PTY) LTD
Werner South Africa Pumps & Equipment (PTY) LTD

For over 30 years, Werner South Africa Pumps & Equipment (PTY) LTD has been designing, manufacturing, supplying and maintaining specialist...


Latest Multimedia

sponsored by

PGMs and green hydrogen make headlines
PGMs and green hydrogen make headlines
19th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?







sq:0.113 0.148s - 92pq - 2rq
1: United States
Subscribe Now
2: United States