Murray & Roberts has announced that its classification on the JSE will move from ‘Diversified Industrials’ to the new ‘Engineering and Contracting Services’ subsector to be introduced by FTSE Russell and the enhanced Industry Classification Benchmark.
“Implementation of the group’s new strategy over the last five years has had the desired effect of developing and diversifying Murray & Roberts’ three business platforms” comments Henry Laas, Group Chief Executive.
“The strategy has included the successful disposal of non-core assets to focus the group on the natural resources market sectors, which offer greater long-term fundamentals. The new subsector will be more descriptive of our strategic positioning.”
Murray & Roberts also broadened its market focus to mitigate market cyclicality which is typical of natural resources markets. In addition to natural resources, the industrial, energy, water and specialised infrastructure sectors all form part of the group’s target market.
“This broader market focus includes sectors that present opportunity for growth, diversification and differentiation for each of the business platforms,” he says.
Towards the end of the 2020 calendar year, the group’s business platforms were renamed to better describe the market sectors in which they are positioned to operate as specialist contractors. The Oil & Gas platform was renamed the Energy, Resources & Infrastructure platform, the Power & Water platform was renamed the Power, Industrial & Water platform and the Underground Mining platform was renamed the Mining platform.
At the group’s interim financial results released to the market on the 3rd of March 2021, it reported a record order book of R60,5 billion, well positioned for a return to profitability in FY2022 and to achieve meaningful earnings growth in the short to medium term.
Source: Propertywheel.co.za | https://propertywheel.co.za/2021/03/murray-roberts-subsector-classification-shifts-on-the-jse/