Murray & Roberts (MUR) Results Snapshot 1H23

Diluted HEPS from continuing ops down from -25cps to -30cps. Diluted HEPS from total ops down from 13 cps (restated) to -332cps.
Revenue grew by 40.7% y-y to R5 899m, driven by strong growth from the Mining division, in the Americas.
Mining revenue grew by 46.5% y-y to R5.4bn, with the Americas region increasing by 98.2% y-y to R3.5bn.
GPM improved from 9.3% to 10.3%.
OPM rose by 100bps to 1.4%.
Expense to sales ratio reduced from 13.3% to 10.6%.
No dividend declared.
Gross debt +38.9% y-y.
Net cash down 85.5% y-y to R382m.
Order book value of R16.1bn, down 10.6% y-y from the restated 1H22 order book. Near orders up 23.1% y-y to R14.4bn.