Audited summary consolidated financial statements for the year ended 30 June 2015

Continuing operations

Performance

Revenue from continuing operations increased by 15% from R25,7b to R29,5b for the year ended 30 June 2015. Growth of 23% from Australia and 21% from the rest of Africa underpinned this performance, however, moderate growth of 3% was also achieved by our local South African businesses.

The 23% decrease in operating profit before non-trading items from R1b to R793m is primarily due to the margin of 0,1% (2014: 2%) achieved in Australia for the year, resulting in a decrease in the overall margin from 4% to 2,7%. Four loss-making projects within the group’s Australian civil businesses, combined with poor trading conditions in general, were the main contributors behind this disappointing performance. The performance of the group’s African based businesses improved marginally from R779m to R783m, where healthy profitability within the Building and civil engineering division largely offset declining margins within the Roads and earthworks division.

The results included under Property developments represent the transfer of the remaining stands at the Simbithi Eco-Estate near the King Shaka International Airport in KZN.

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