Cape makes 'solid' start to year

ENERGY services group Cape said trading and margins are level with a year ago, thanks to a "solid" start to the year.

Cape, which has its UK operations based in Wakefield, said its activity levels in the Far East/Pacific Rim region are ahead of 2009, offsetting lower activity in the Gulf/Middle East region following a high level of shutdown activity and finishing major projects.

Cape, which provides insulation, industrial cleaning and training services to the energy and mineral resources sectors, will today address shareholders at its annual meeting.

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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."

The group added there has been no significant change to its financial position with continued strong operating cash flows and substantial headroom on its banking facilities.

Cape added it has excellent revenue visibility with half of its revenues based on essential maintenance spend of plant operators and the other half mainly based on large, multi-year industrial projects.

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