Murray & Roberts (MUR) 1H24 – Results Snapshot

Diluted HEPS from continuing operations improved from -27cps (restated) to -16cps. Diluted HEPS from total operations up from -322 cps to -26cps.
Revenue increased by 11.3% y-y to R6 558m, driven by 93.5% y-y growth from the PIW segment, although off a low base. Revenue from the Transmission and Distribution division rose by 137% y-y on the back of REIPPP project awards.
GPM improved by 20bps 10.4%.
OPM increased from 1.5% to 1.6%.
Expenses rose by 4.3% y-y to R612m, while expense to sales ratio reduced from 10.0% to 9.3%.
No dividend.
Gross debt down 66.6% y-y to R784m.
Cash generated by operating activities improved from -R399m to R190m.
Order book fell from R16.1bn to R14.7bn and Near Orders are down by 29.2% y-y to R10.2bn.