Cape confident thanks to solid performance

CAPE, the Yorkshire industrial services group, today announced a solid start to the year with overall trading in line with expectations.

In an interim management statement for the year to date, the Wakefield-based group reported that activity levels and operating margins remained consistent with the same period in the prior year.

Cape said that activity levels in the Far East/Pacific Rim region were ahead of 2009, offsetting the expected lower activity levels in the Gulf/Middle East region this year, following the completion of a number of major projects.

The group said that there had been no significant change to its financial position during the period, with continued strong operating cash flows and substantial headroom available under the group’s funding facilities.

Cape said: “With half of Cape’s revenues based on the essential maintenance spend of plant operators and the other half mainly based on large, multi-year duration industrial projects, Cape is enjoying excellent revenue visibility which provides the board with confidence for the full year.”

Chief executive Martin May said: “Cape has made a solid start to the year. With project cycles varying from region to region, the benefit of our scale and leading positions across our international footprint has again been evident.

“Plant safety in the sectors we operate is of primary importance for our customers and, with Cape’s best in industry safety programmes already recognised with several prestigious awards this year, this continues to set Cape apart from the competition.”