Cape makes solid start
INDUSTRIAL services group Cape today said its performance since the turn of the year was in line with expectations and had been boosted by a number of contract wins.
The group, which has a number of operations in Yorkshire and last week said it was planning to move its tax residence to Jersey and Singapore, also said activity levels and operating margins were consistent with the same period last year.
Geographical territories in which Cape operates, including the Mediterranean and North Africa region and the Far East/Pacific Rim regions, are also ahead of 2010.
Cape said there were lower activity levels in the Gulf and Middle East but it had won a number of contract wins in the territories, including on the Jubail Export Refinery and Ruwais Refinery 4th NGL train, which are all expected to commence in the final quarter of this year or early 2012.
It also said it anticipates demand for construction support services in the Far East which will “commence a period of strong growth”.
The interim management statement said that Cape had, as expected, incurred £3.5m of non-recurring corporate charges, comprising £2m in relation to the move from AIM to the LSE’s main market and the corporate restructuring involving a new Jersey-incorporated group holding company.
The remaining £1.5m charge represents the unamortised facility fees following the early cancellation of the group’s 2007 syndicated bank facility.
Cape is to announce its interim results for the six months ending June 30 on August 31.
