Cape continues to cut net debt

CAPE, the supplier of scaffolding, insulation, fire protection and cleaning services to the energy and natural resources sector, has confirmed it is making progress on cutting its net debt position in line with management expectations.

The Wakefield-based company said that its total net debt position as of September 30 2008 had fallen to £174.9m from £199.2m at the end of June 2008.

Cape also reiterated its target of cutting net debt to £160-165m by December 31 2008, with further reductions planned in 2009.

The group said it has not accessed any other debt facilities during the past 10 months.