Murray & Roberts Holdings Limited announced significant progress in its financial restructuring efforts, as detailed in its trading statement for the six months ended December 31, 2023.
Debt Reduction and Deleveraging Plan
The company has successfully reduced its debt in South Africa to approximately R400 million, down from around R2 billion in April 2023. This accomplishment follows a concerted deleveraging plan initiated after the voluntary administration of its Australian subsidiaries in December 2022. The final milestone in this plan is to refinance the remaining debt by June 2024.
Financial Performance Expectations
In its trading statement, Murray & Roberts provided expected ranges for its financial performance in the first half of fiscal year 2024. Notably, the company anticipates an improvement in headline and basic loss per share compared to the previous year. The following table outlines the expected ranges:
| Financial Metric | FY2024 H1 Expected Range |
|---|---|
| Headline Loss per Share (Basic) | 91 – 93 cps |
| Headline Loss per Share (Diluted) | 91 – 93 cps |
| Loss per Share (Basic) | 96 – 97 cps |
| Loss per Share (Diluted) | 96 – 97 cps |
Cost Rationalization and Restructuring
Murray & Roberts undertook a thorough cost review, leading to various cost rationalization and restructuring decisions. These measures are aimed at implementing a sustainable capital structure and positioning the company for long-term growth and profitability.
Publication of Interim Financial Results
The company intends to publish its interim financial results for the six months ended December 31, 2023, on the Stock Exchange News Service (SENS) on Wednesday, March 6, 2024, before 15:00 (CAT).
Outlook and Commitment to Shareholder Value
Despite the challenges faced, Murray & Roberts remains committed to creating shareholder value and excelling as an engineering and contracting services provider in the global underground mining market and selected sectors in Southern Africa.
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