The Group has remained resilient to conditions in its construction markets due to the diversity of operations and markets. Global mining and natural resource markets remain buoyant across the world. Construction and related activities in both southern Africa and the Middle East experienced subdued market conditions as a result of reduced Government infrastructure spend and unstable financial markets inhibiting private expenditure. Although significant progress was made by the Group in resolving contractual claims, the estimated costs to complete, inclusive of penalties, on a number of major contracts increased significantly and the decision to dispose of certain business operations resulted in the need to make material asset impairments. The net result is that the Group recorded a loss for the year.

read more