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Unaudited interim results for the six months ended 31 December 2024
MURRAY & ROBERTS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1948/029826/06)
JSE ordinary share code: MUR
ISIN: ZAE000073441
(“MRH�, “the Company� or “the Group�)
SHORT-FORM ANNOUNCEMENT
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2024
Background and introduction
Stakeholders are referred to the announcement published on the JSE’s Stock Exchange News
Service (“SENS�) on 30 August 2024 (“the August 30th announcement�), where Murray & Roberts
Holdings Ltd (“the Group� or “the Company�) advised shareholders that it had reduced its
debt with a consortium of four South African banks (“the Banking Consortium�) from circa
R2 billion to R409 million, and that it had reached an agreement with the Banking Consortium
that the remaining R409 million debt will be repaid by 31 January 2026. At that time, the
Group envisaged that the repayment of this debt would be achieved through a refinancing thereof,
or through the sale of noncore assets, and that a working capital facility of circa R350 million
would be raised.
Murray & Roberts Ltd (“MRL�), the Group’s primary operating company, has been conducting its
business in Southern Africa with restricted working capital facilities for an extended period of
time. Since the August 30th announcement, the Group continued to experience significant liquidity
constraints, which increasingly impacted MRL’s operations, giving rise to substantial losses,
especially in OptiPower (a trading division of MRL in South Africa), because of delays in
equipment procurement and consequently delays in project progress.
In an unrelated development, the Group informed stakeholders on 5 November 2024 that De Beers
resolved to review its operational plans at the Venetia Mine in South Africa, resulting in the
descoping of its contract with Murray & Roberts Cementation Pty Ltd. This contract represented
more than 50 percent of Murray & Roberts Cementation’s revenue and this descoping exacerbated
the liquidity squeeze across the Group’s South African operations.
As a result of these events, the directors of MRL resolved to place MRL, which included its trading
division, OptiPower, into business rescue effective 22 November 2024. The placing of MRL into
business rescue resulted in the Group losing effective control of MRL and its subsidiaries on said
date. As such, these subsidiaries were deconsolidated from the Group’s unaudited interim financial
results with effect from 22 November 2024. The results of the MRL Group have been classified as a
discontinued operation in the statement of financial performance and the comparative results have
been restated accordingly.
For clarity, the Group’s organisational structure is as follows:
• Murray & Roberts Holdings Limited is the publicly listed parent company. Through three
wholly owned, passive subsidiary companies, it owns 100% of MRL, which is the holding
company of all the Group’s operating companies.
• MRL, in which the Group’s corporate head office is located, has one operating division,
being OptiPower, and directly owns several operating subsidiary companies, including:
1. The Cementation Company (Africa) Pty Ltd, which carries on business as a mining
contractor in Southern Africa and serves as the holding company for various
wholly owned African-based mining subsidiaries, including Murray & Roberts
Cementation Pty Ltd;
2. Murray & Roberts United Kingdom Limited, which owns Cementation APAC Pty Ltd,
Cementation Canada Inc., and Terra Nova Technologies Inc., all of which are
providers of mining contracting services across the globe. Cementation Canada Inc.
holds the investment in Cementation USA Inc.
The Business Rescue Plan for MRL was approved by creditors on 8 April 2025, and the plan provides
for the sale of MRL’s main assets, being the Cementation Company (Africa) Pty Ltd and Murray &
Roberts United Kingdom Ltd, to a third party. The proceeds from the sale of these assets will be
sufficient to repay all secured creditors but concurrent creditors will only be partially repaid.
As the sale of assets will not realise sufficient cash to settle all creditors, there would be no
distribution to the shareholders of the Company from the sale of MRL’s main assets.
Consequences of the Business Rescue Plan
The implementation of the Business Rescue Plan will result in the Company not having any operating companies and thus no prospect to generate cash through operations, or to recapitalise the Group. The liabilities of the Company exceed its assets resulting in the Company being commercially insolvent. Consequently, following the approval of the Business Rescue Plan, the Holdings Board resolved that it be recommended to shareholders that a creditors’ voluntary winding-up of the Company by means of a special resolution of shareholders be pursued and the necessary notices to shareholders in this regard shall be furnished to shareholders.
Group Financial Information Six months ended Year ended
R millions Unaudited Restated % Restated
31 December 2024 31 December 2024 change 30 June 2024*
Statement of profit and loss
Continuing operations
Revenue - - - -
Loss before interest and taxation (646) (1) 64,500.0 (2)
Discontinuing operations
Revenue 4,598 6,652 (30.9) 13,569
Loss before interest and taxation (960) 63 (1,623.8) 117
Loss from discontinued operations (993) (93) (967.7) (134)
Profit on loss of control 251 - 100.0 -
Attributable loss (1,385) (95) (1,357.9) (138)
Statement of financial position
Total assets - 7,927 (100.0) 8,160
Total liabilities 647 6,273 89.7 6,601
Total shareholders’ equity (647) 1,654 (139.1) 1,559
Net debt (excluding lease liabilities) - 247 100.0 (378)
Headline loss per share (cents)
Continuing operations
Basic loss per share (167.0) - (100.0) -
Diluted loss per share (167.0) - (100.0) -
Continuing and discontinuing operations
Basic loss per share (414.0) (26.0) (1,492.3) (37.0)
Diluted loss per share (414.0) (26.0) (1,492.3) (37.0)
Loss per share (cents)
Continuing operations (167.0) - (100.0) -
Basic loss per share (167.0) - (100.0) -
Diluted loss per share
Continuing and discontinuing operations (358.0) (23.0) (1,456.5) (34.0)
Basic loss per share (358.0) (23.0) (1,456.5) (34.0)
Diluted loss per share
*Restated for discontinued operations
This short-form announcement is the responsibility of the directors of the Company and
is only a summary of the full announcement, which is published on the Company’s website on
www.murrob.com/inv-interim-results.asp and does not contain complete or full details.
Any investment decisions by investors and/or shareholders should be based on consideration
of the full announcement. This short form announcement is extracted from unaudited interim
results and is itself not audited. The unaudited interim results can be accessed directly
using the following JSE link: https://senspdf.jse.co.za/documents/2025/jse/isse/mur/HY24.pdf
10 April 2025
Board changes
Suresh Kana (Chairman) - resigned effective 30 November 2024
Ralph Havenstein - retired effective 5 November 2024
Jesmane Boggenpoel - resigned effective 15 December 2024
Alex Maditsi - appointed interim chairman effective 10 January 2025
Alexandra Muller - resigned effective 09 December 2024
Clifford Raphiri - appointed interim chairman effective 30 November 2024 and resigned effective
10 January 2025
Registered office: The Interchange, 22 Skeen Boulevard, Bedfordview, 2007 • PO Box 1000,
Bedfordview, 2008
Executive directors: Henry Laas (Group Chief Executive),
Daniel Grobler (Group Chief Financial Officer)
Non-executive directors: Alex Maditsi (interim chairman)
Company Secretary: Richard Davies
Sponsor: The Standard Bank of South Africa Limited
3rd Floor East Wing, 30 Baker Street, Rosebank, 2196
Transfer secretaries: CTSE Registry Services, Cape Town Stock Exchange
5th Floor, 68 Albert Road, Woodstock, Cape Town 7965
Tel: 011 100 8352
Investor relations: morne.reinders@murrob.com
Date: 10-04-2025 04:00:00
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