Anatomy of a fallen icon
Murray & Roberts: The demise of an icon
The SA construction giant that became a household name is no more. When did the bottom fall out and what exactly led to Murray & Roberts’ decision to sell its renowned infrastructure and building businesses and opt instead for a new strategy focused on global natural resources markets? It’s been a torrid decade for JSE-listed construction and engineering giant Murray & Roberts. Since 2007, the SA icon has posted some big profits — but then tumbled into huge losses. And while there have been signs of a recovery in the construction sector, the sad reality is that even in the past three years, the company’s turnover from its remaining business has plunged 24% from R34.6bn to R26.1bn in its past financial year. It’s a sorry tale for a company that traces its roots to 1902, when Scottish immigrants John Murray and James Stewart started a house-building company, Murray & Stewart, in the Cape Colony. (Murray’s son later went into business with Douglas Roberts.) It grew to become SA’s most ...
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