Cape profit up 17.5 per cent as it eyes main market move

ENERGY support services group Cape posted a 17.5 per cent rise in first-half profits and said it would look to return to London's main market in 2011

By The Newsroom

Published 8th Sep 2010, 10:13 BST

Updated 8th Sep 2010, 10:15 BST

Cape, which has its UK operations in Wakefield, reported adjusted pretax profit of 35.5m for the first six months of the year compared to 30.2m in the first half of 2009.

The company, which provides insulation, industrial cleaning and training services to the energy and mineral resources sectors including EDF, BP and National Grid, said it would pay an interim dividend of 4 pence per share after a 10 year absence from the dividend list.

Cape also said it would in the second quarter of 2011 seek a move to the main market of the London Stock Exchange from its current position on the junior market.

Shares in Cape have gained 47 per cent in the past three months during which time the company said it expected full-year results to be ahead of its prior estimates and received a takeover approach before subsequently calling off talks.

Cape's shares closed at 296 pence last night, valuing the company at 340m.