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Calgro M3 'entering growth phase'

CALGRO M3, a builder specialising in Reconstruction and Development Programme (RDP) housing, said on Monday it was entering a growth phase and had been given an R812m project appointment in Namibia, its first venture beyond South Africa's borders.

In South Africa, Calgro said its development pipeline had increased beyond R17bn in the full year to February 2014 and this enhanced its possibility to grow profits. Calgro CEO Ben Pierre Malherbe said after the release of the company's full-year results on Monday that it believed as much as R10bn of the secured pipeline could be rolled out in the next five to six years.

The company had benefited from increased demand for its products from the government, leading up to the national election. "We have strengthened and consolidated our balance sheet to achieve the cash flow flexibility required in the integrated residential development environment," Mr Malherbe said yesterday. "We are getting more and more public-sector clients off the back of accelerated infrastructure investments in South Africa."

For the year to end-February, the group reported headline earnings per share growth of 15.76%, to 83.16c. A total of R106m in earnings were secured in the year to February. Shares in Calgro ended up 2.71% at R7.20 on Monday.