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1 minute read
28 May 2015
9:21 am

Esor restructuring complete as losses narrow


Esor Limited on Thursday said restructuring of the group had been completed as it reported a reduction in losses to R99,9 million for the year to February, from R216 million the year before.

Picture: Thinkstock

The civil engineering and construction group reported that all problem legacy contracts had now been completed, handed over or resolved. Revenue, hit by the restructuring as well as the last effects of loss-making contracts, was down by 9,1% to R1,45 billion (R1,59 billion).

The company said the two-year order book was stable at R1,9 billion and the recovery at the refocused group was expected to continue.

The board was also restructured during the year. The group said the restructured board, which had “a valuable mix of business, financial and engineering expertise”, was operating well under the helm of Chairman Bernie Krone and Chief Executive Wessel van Zyl, supported by Chief Financial Officer Bruce Atkinson.

The company said in a statement: “The directors are confident that the streamlined group is agile and nimble to go to where the work is, and structured for profitability with clear focus areas and improved synergies between disciplines.”