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Murray & Roberts: When going offshore goes awry

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Murray & Roberts shares have been on a one-way hiding for five years. The FM asks CEO Henry Laas what happened.

You can forgive Murray & Roberts shareholders for wanting to throw in the towel. Two weeks ago, the group astounded the market with an abrupt profit warning, having posted relatively decent year-end numbers two months earlier.

Shareholders were warned to expect an “at least 100%” slide in profit for the six months ended December, largely due to its Traveler petrochemicals project in the US and the Waitsia onshore gas project in Australia. Unsurprisingly, its shares crashed 32% on the day, taking this year’s decline to almost 65%...

 

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