Cape’s future still shining bright

EXCHANGE movements and strong results in the Middle East have helped offset project delays and slowing markets, according to support services firm Cape.

The Wakefield business will tell shareholders at its annual general meeting today that underlying trading performance is in line with expectations.

In a statement it said that the group’s financial performance had been positively impacted by a strong performance in most of its territories including the Gulf/Middle East. This in turn has offset project delays and a slowing Australian market.

Martin May, chief executive of Cape, added: “‘We have made a good start to the year.

“While we remain cautious given the difficult global economic climate in which we operate, we believe that we will continue to make satisfactory progress.”

He continued: “The strength of our business model along with our bundled services proposition gives the board the confidence that looking ahead we are well positioned to deliver organic growth at a lower overall cost to our clients.”

Reporting its year end results in March, Cape said that its forward order book closed 19% ahead of 2007 levels and has increased by a further 26% since the year end.

Cape’s UK business has more than 4,500 employees with 28 facilities located strategically throughout the country.

Some 70% of its revenues are generated from capital and maintenance expenditures by customers in the power generation, oil and gas and petrochemical industries.