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MURRAY & ROBERTS HOLDINGS LIMITED – Trading Statement For The Six Months Ended 31 December 2020

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Trading Statement For The Six Months Ended 31 December 2020

MURRAY & ROBERTS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1948/029826/06
JSE Share Code: MUR
ADR Code: MURZY
ISIN: ZAE000073441
(“Murray & Roberts” or the “Group”)

TRADING STATEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2020

In accordance with paragraph 3.4(b) of the Listings Requirements of the JSE, a company is
required to publish a trading statement as soon as it is satisfied, with a reasonable degree of
certainty that the financial results for the next period to be reported on are likely to vary by at
least 20% from the previous corresponding period.

Results for the six months under review to 31 December 2020 (“FY2021 H1”) were negatively
affected by prolonged COVID-19 lockdown restrictions. The comparable prior six-month period
to 31 December 2019 (“FY2020 H1”) ended before the outbreak of the pandemic. Hence,
stakeholders are advised that when compared to FY2020 H1, Murray & Roberts will report a
decline in total earnings per share and headline earnings per share for FY2021 H1.

The decline in earnings is attributed to a prolonged COVID-19 restrictions impact, especially
in the Mining platform, a disappointing result by the Power, Industrial & Water platform, as well
as a lower fair value adjustment profit from the investment in the Bombela Concession
Company.

However, the Group has largely recovered from the initial and major FY2020 H2 COVID-19
restrictions impact and is well positioned to operate successfully through this short to medium
term uncertainty.

The Group expects to report FY2021 H1 results within the following ranges:

FY2021 H1 FY2020 H1
Expected range Actual
(cps loss) (cps profit)
(LOSS)/PROFIT PER SHARE
Basic (45) – (38) 41
Diluted (45) – (38) 40
HEADLINE (LOSS)/PROFIT PER SHARE
Basic (31) – (24) 40
Diluted (31) – (24) 40

During the past three years, the Group broadened its market focus to mitigate market
cyclicality and subsequently renamed its business platforms to better reflect the market
sectors in which they operate as specialist contractors. This decision resulted in significant
order book growth for the Group and the order book has increased to all-time high levels.
As announced in the Business Update published in November 2020, results for FY2021 H2
are expected to be better than for H1, especially as adaption to declining COVID-19
restrictions increases and work commences on recently awarded contracts.

Considering the Group’s record, quality order book of R60,5 billion (FY2020 R54,2 billion) and
near orders of R19,9 billion (FY2020 R11,4 billion) as at December 2020, it is well positioned
for a strong return to profitability in FY2022 and to achieve meaningful earnings growth in the
short to medium term.

This view is based on the expected growth in earnings contributions from the Energy,
Resources & Infrastructure and Mining platforms.

PUBLICATION OF INTERIM FINANCIAL RESULTS

Murray & Roberts intends to publish its interim financial results for the six months to 31
December 2020 on SENS on Wednesday, 3 March 2021 before 17:00 (CAT).

Shareholders are advised that the financial information on which this trading statement is
based, has not been audited or reviewed and reported on by the Group’s external auditors.

Bedfordview

23 February 2021

Sponsor
The Standard Bank of South Africa Limited

Date: 23-02-2021 11:00:00
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