In my previous Robust message, I talked of
global equity markets being at an all time high.
How times have changed! The current crisis of
confidence is probably a welcome correction to
what had seemed to be an unstoppable bull run.
Murray & Roberts has not escaped the fallout, but
we remain ahead of our year-end closing price
of 6400 cents at a market capitalisation above
We were entered onto the JSE Top 40 index in
May 2007, increasing the prestige and exposure
of our share. Subsequently, we surpassed PPC
to become the largest company by market
capitalisation in our sector. This is testimony to
the considerable effort by all our people in Murray
& Roberts to engage this current market for best
performance and value.
We have closed out the 2007 financial year
a very different organisation to what we were
just a year ago. The acquisition of Concor has
substantially enhanced our domestic capacity
and critical mass, while our Australian associate
Clough will be consolidated into the Group from
this year. In preparation, Clough has taken a
significant financial write-down against its legacy
projects and will enter the Group under new
leadership and with good forward prospects,
backed by a financial rescue package arranged by
Murray & Roberts.
Notwithstanding the current turmoil in financial
and equity markets, we are confident that our
market has growth and development resilience
for many years into the future. Our core ongoing
business is twice the size it was just two years
ago and we expect to double our size again
within the next three years. This offers significant
challenge and opportunity for all our executives
and employees in the years ahead.
Thank you all for your considerable efforts in
making Murray & Roberts the great company it
is. But remember, the construction industry is
unforgiving and offers us no opportunity to rest on