The base for strong medium-term growth

Our record-high quality order book reflects both the Group's strategic progress over many years, and the pressing global development needs driving major opportunities to deliver robust earnings growth in our international markets.

Murray & Roberts has demonstrated an ability to manage short-term constraints, while maintaining a long-term approach to the allocation of our capital. This is reflected in a robust balance sheet and cash position at the end of another very challenging year. In a tightening liquidity environment and with escalating project funding requirements, this position will hold us in good stead in delivering on our order book and in returning value to our shareholders.

Ongoing attention on effective liquidity and cost management and measured capital allocation, will enable us to withstand the short-term liquidity pressures and the lingering impact of COVID-19 in some of our markets, while advancing the Group along its long-term strategic trajectory. The proven resilience of our business model and the credible competitive positions of our platforms in thriving market sectors, underpinned by greater certainty in global economic recovery, are reflected in a multi-year quality order book and an exceptionally strong project pipeline.

We expect strong profit growth in FY2022 and meaningful earnings growth in the medium term, albeit off the low base set in FY2021 as we began to emerge from the worst effects of the COVID-19 crisis.

Revenue (continuing)

R21,9 billion

(FY2020: R20,8 billion)

Attributable loss

R180 million

(FY2020: R352 million loss)

Order book

R60,7 billion

(FY2020: R54,2 billion)

Cash, net of debt

R0,7 billion

(FY2020: R0,1 billion debt)

EBIT (continuing)

R540 million

(FY2020: R17 million loss)

Headline earnings per share
(diluted continuing)

16 cents

(FY2020: 88 cents loss)


Our order book is well diversified over time, region, sector, margin and contractual risk, and shows an increasing proportion of orders extending beyond two years, offering stability to our medium-term earnings expectations. Our ability to maintain or grow the order book from current levels is, however, subject to downside risks – although these have abated significantly since the end of last year. A potentially weaker global economic recovery, largely due to a resurgence of COVID-19 variants and imbalances in vaccine penetration, could lead to further disruption. This could dampen investor confidence and impede the flow of new capital projects, or final investment decisions and commencement on projects.

Platform order book (R billion)

Energy, Resources & Infrastructure:

strategic market shift (2016) to broaden market focus rewarded with strong order book growth.

Mining: substantial and sustainable multinational business.

Power, Industrial & Water:

current order book not able to support a sustainable business.

Order book (R billion)


Energy, Resources & Infrastructure


Power, Industrial Mining & Water

Order book time distribution

Order book % split
Order book Rbn
Order book Rbn
Order book % split
Order book Rbn
June 2021
June 2020
FY time distribution
Energy, Resources
& Infrastructure
Order book % split
Order book Rbn
2022 16,8
2023 11,3
>2023 8,9
Order book % split
Order book Rbn
2022 9,7
2023 6,0
>2023 7,5
Power, Industrial
& Water
Order book % split
Order book Rbn
2022 0,3
2023 0,2
Order book % split
Order book Rbn

Near orders and pipeline (R billion)

Energy, Resources & Infrastructure


Power, Industrial & Water

Near orders and pipeline

Near orders

Preferred bidder status and final award is subject to financial/commercial close with more than a 95% chance that these orders will be secured.

Category 1

Tenders submitted or under preparation (excluding near orders) on projects developed by clients to the stage where firm bids are being invited with a reasonable chance to secure, function of (1) final client approval and (2) bid win probability.

Category 2

Budgets, feasibility studies and prequalifications – project planning underway, not at a stage yet where projects are ready for tender.

Category 3

Leads and opportunities which are being tracked and are expected to come to market in the next 36 months, identified opportunities that are likely to be implemented, but still in prefeasibility stage.


Energy, Resources & Infrastructure

Revenue earned from current contracts should grow significantly in FY2022, as the platform enters the major construction phase in large projects. A robust pipeline of project opportunities supports the expectation of strong earnings growth from this platform over at least the next three years. In FY2022, existing contracts, new contracts and near orders are set to double revenue on the FY2021 base.


FY2022 will be a year of consolidation and rebuilding of the platform’s order book after the COVID-19 induced erosion of the past two years. The forecast for increased capital investment in the mining industry is encouraging, providing support for the expected accelerated earnings growth for the platform, especially from FY2023.

Power, Industrial & Water

The platform’s sustainability relies largely on market conditions in South Africa and, in particular, on public sector spending. More favourable prospects are cause for cautious optimism of a return to profitability in the medium term. The platform is focused on achieving stability in the next three years.