25 June 2004
	SA's Top 20 Companies 19 M&R Total score: 53,5 Historic score: 36 FM's score: 65

Now in its sixth year, "Project Rebuilding M&R" has delivered much of the promised gain in efficiency. Unfortunately the strong earnings growth trend in which EPS rose almost fivefold between financial 2000 and 2003 came to an abrupt halt in the first half of 2004. A strong rand eroded export profits and foreign contracting operations hit adverse trading conditions. Yet management does not expect an earnings fall in the full year and will be looking to build Murray & Roberts' order book. Here, as infrastructure development gains momentum and the 2010 soccer World Cup calls for new projects, prospects in SA are bright.