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RTTNews) - Cape Plc (CIU.L: News ), a provider of non-mechanical support services, announced Thursday that Martin May is resigning as chief executive and as a director of the company with immediate effect to pursue a new challenge. Brendan Connolly has been appointed as acting chief executive. May served Cape for the last 10 years. Chairman Tim Eggar stated, "Brendan has made a big contribution since joining our Board and has extensive CEO and senior management experience in the energy sector....I am confident that we are well-positioned for continued growth." Connolly has been a non-executive director of the company since 2011. Following the appointment, he will step down from Cape's Audit, Remuneration and Nomination Committees. Connolly has over 25 years of international experience in Oil & Gas industry with Schlumberger, and was CEO of Moody International, an energy inspection company. Prior to that, he was Industry President at Intertek. He has 30 years of international service company experience; interfacing with the same client groups as Cape, the company noted. Cape said its nomination committee has commenced search for the replacement and a permanent appointment will be made in due course. Earlier, this month, the company reported a decline in full year 2011 pre-tax profit to 61.9 million pounds, while adjusted earnings were 43.8 pence per share compared to 42.6 pence per share last year. Revenue for the year went up to 722.5 million pounds from 650.1 million pounds a year ago. CIU.L is currently trading at 427.4 pence, down 2.91 percent, on a volume of 1.89 million shares, against a three-month average volume of 481 thousand shares on the LSE. http://www.rttnews.com/1850332/cape-ceo-steps-down-update.aspx?type=bn&utm_source=google&utm_campaign=sitemap
Northland Capital maintained its "buy" rating for Cape (CIU) with a target price of 590p. The broker raised its revenue forecasts for the year ending December 2012 by 3.1% to 775 million pounds following a strong second half from the energy services firm, including 26% growth in Asia Pacific. On the new earnings estimates, the firm's shares trade on a prospective multiple of 9.9 times for 2012, falling to 9 times in 2013, which Northland noted is a 28% discount to the sector. The shares lost 11.4p to 455.7p.
Cape (LON:CIU), also a constituent of the FTSE 250 index, has bought 80 percent in Hong Kong Fuji Technology for £4.75 million. The company provides thermal insulation, refractory linings, painting, grit blasting and scaffolding services to the power industry in Hong Kong. “The acquisition of HFT presents an exciting entry into a strategically important market,” said Cape chief executive Martin May. “This is a key step which provides a springboard for Cape's future expansion into Greater China.” http://www.proactiveinvestors.co.uk/companies/market_reports/40379/mid-and-small-cap-news-centamin-ig-group-misys-carillion-cape-inchcape-marstons-home-retail-angle-plethora-solutions-0000.html
Yesterday, Cape unveiled the acquisition of 80pc of Hong Kong Fuji Technology (HFT), which provides thermal insulation, painting, grit blasting and scaffolding services to Hong Kong's power industry, for HK$58m (£4.8m). HFT has been operating since 1993 and is expected to have revenues of HK$87m this year. It is an ideal springboard to pursue opportunities in China. This is a significant move for Cape's future growth profile. The company has been targeting new territories and the energy services market in Asia should continue to see a structural boom. The market was pleased by the group's full-year numbers, released last week. This means the shares have almost recovered from their plunge in September last year after management revealed that there was margin pressure in the Middle East, which could crimp earnings, and there was a surprise one-off charge for a North Sea contract. Three contracts were also hit by delays. In the year to December, revenues rose 9.4pc to £722.5m and pre-tax profits edged lower to £69.1m from £63.1m. Cape supported 65 major construction projects and 287 maintenance projects during the year. The full-year dividend was raised by 16.7pc to 14p, with the final payment of 9.5p slated for June 8. The shares trade without the payment for new investors on May 9. The company has committed to a "progressive dividend policy" after returning to the dividend list in September 2010. The current yield is 3.2pc, rising to 3.5pc next year. Cape is expected to be debt-free by the end of the year and Martin May, its chief executive, said that the company would take another look at its dividend policy at that time. Mr May does not expect to make any large acquisitions, but smaller bolt-on purchases – such as the HFT deal – are possible. In the Pacific Rim unit, in which the newly-purchased HFT will sit, Cape saw revenue growth of 17pc. Revenues at this division have now risen by more than £100m since 2009. Total group revenues jumped by 27.5pc in the last quarter of the year – which is the strongest quarterly revenue growth figure since 2007, before the financial crisis began. This almost mitigated the cost of a loss-making rig refurbishment contract in the North Sea. The group's order book increased by 9.7pc to £940m, which means that more than 68pc of consensus 2012 revenues have been secured, compared with 68pc at the same stage last year. Cape has been a good play for Questor, after being tipped at 65½p in March 2009. The shares were last recommended at 347.9p on November 13 last year and are up 34pc since then, compared with a FTSE 100 up 7pc. The shares have, however, been tipped as high as 550p. After the consensus-beating performance in the second half of the year, Cape remains a buy for growth in the Middle East and Asia. However, the company managed to beat market expectations in the second half of the year, causing its shares to surge. http://www.t
Shaping and moving nicely. This is my most consistent holding. Even through yesterdays mini-crash where nearly every stock closed down, CIU was 4% in the blue. A good and solid performer ...
Cape Plc (CIU), a supplier of scaffolding, fire protection and cleaners to energy companies, increased its dividend for 2011 after posting record sales. The payout of 14 pence a share, is up 17 percent from 2010, the Uxbridge, England-based company said in a statement. Sales rose 11 percent to 722.5 million pounds ($1.1 billion), while profit after tax slid 5.5 percent to 49.7 million pounds. The company, which counts the biggest energy companies as clients, is working on liquefied natural gas plants in Australia, and said Asia is its strongest growth market. It rose 3.6 percent to 445 pence by 9:37 a.m. in London, giving the company a market value of 528 million pounds. “We’ve always said we’d be progressive about dividends,” Chief Executive Officer Martin May said by phone. “We’ve got more than 60 percent of our 2012 consensus earnings already in the order book.” The dividend “indicates our confidence.” Consensus analyst estimates for revenue this year are currently about 760 million pounds. The company has said it expects sales to reach about 785 million pounds. http://www.bloomberg.com/news/2012-03-06/cape-raises-dividend-for-2011-on-record-energy-services-revenue.html
Lets hope this moves today on the back of the results and dividends
Highlights · Record revenues with strongest growth since 2007 - up 21.5% in H2 from pickup in project work in key markets · Adjusted Profit Before Tax of £69.4m (2010: £69.1m) and adjusted diluted earnings per share of 43.8p (2010: 42.6p) which includes impact of one-off charges of £5.5m · Proposed final dividend of 9.5p per share (2010: 8.0p) giving a 16.7% increase in full year dividend to 14.0p (payout ratio of 32.0%), reflecting the Board's confidence in the Group's prospects. · Working Capital outflow of £43.1m, driven by record activity levels in Q4 and timing of investments and receipts on four major projects · Firm order book increased by 9.7% to c £940m with over 68% (2010: 63%) of consensus Full Year 2012 revenues secured · As expected, momentum is building in a number of key regions and projects indicating that Cape is entering a sustained period of demand growth for its services · Significant corporate activity throughout the year, including our move from AIM to the London Stock Exchange's main board, a refinancing of the Group's bank facility and two bolt-on acquisitions Nice divi will be very well received
WH Ireland initiated coverage of Cape (CIU) with a "buy" rating and target price of 515p. The broker believes the energy services company is well positioned to take advantage of growing world energy demand and added that the firm's key growth driver will be the Australian liquefied Natural Gas sector. The broker's forecasts put the shares on a prospective multiple of 9.5 times in 2012, falling to 8.1 times in 2013, which it noted is well below the peer group average.
Same trading update as mulledwine, just a different website ... always good to share meaningful research ... (RTTNews) - Cape plc (CIU.L: News ) said, since the group's Interim Management Statement on November 9, 2011, it has performed well. As expected, the strong revenue growth in Q3 continued in Q4 driven by higher levels of activity in three of Cape's four regions. The company expects group revenue and underlying profit before tax for the full year to be in line with the Board's expectations. Looking ahead, the increase in activity levels seen during the fourth quarter with the commencement of works, gives the Board confidence that 2012 will be a year of significant growth in activity. Over half of Cape's revenues continue to be driven by essential maintenance requirements and regulatory commitments. With a number of major projects in the company's chosen sectors, moving forward, it remains confident of delivering on its plans for 2012.
Thanks for the update ...
CONT The Group has also executed on its plans, as referred to in the IMS, to take one-off, non-recurring charges related to a UK contract, now completed, and the exit of commercial construction scaffold hire and sales activities in Queensland, Australia. Looking ahead, the increase in activity levels seen during Q4 2011 with the commencement of works noted above, gives the Board confidence that 2012 will be a year of significant growth in activity. Over half of Cape's revenues continue to be driven by essential maintenance requirements and regulatory commitments. With a number of major projects in our chosen sectors moving forward we remain confident of delivering on our plans for 2012. Results for the financial year ended 31 December 2011 will be announced on 6 March 2012. *Before intangible amortisation, IDC related charges and income, and non-recurring items.
Year End Trading Update & Notice of Results Cape plc, the international provider of essential, non-mechanical support services to the energy and mineral resources sectors, is pleased to provide the following scheduled trading update following the financial year end on 31 December 2011. Since the Group's Interim Management Statement on 9 November 2011 ("IMS"), Cape has performed well and Group revenue and underlying profit before tax* for the year are anticipated to be in line with the Board's expectations. As expected, the strong revenue growth in Q3 continued in Q4 driven by higher levels of activity in three of Cape's four regions. In the Far East/Pacific Rim region, Cape saw increased activity from both onshore project work, in particular Woodside's Pluto LNG project in Australia and the Exxon SPT Olefins project in Singapore, as well as offshore work in Australia with mobilisation at both Kipper Tuna Turrum (off Victoria) and North Rankin (North West Shelf). The UK business experienced higher levels of activity across the power belt with several increased outage scopes and finally, in North Africa we began mobilisation of significant manpower on the Sonatrach GL3-Z LNG project in Algeria. In the Gulf/Middle East region, activity levels were in line with our expectations following delayed release of works.
http://www.investegate.co.uk/Article.aspx?id=201201120700284386V
CIU Trading statement tomorrow.... Historic bullet points from Jan-2011: * The Group's overall activity and revenue levels have remained broadly consistent with the prior year. Cape has continued to benefit from its international footprint across strategically important growth markets within the energy sector. * On a regional basis, the pattern seen in the first half of 2010 continued through the rest of the year with higher activity levels in the Far East/Pacific Rim region offsetting the expected lower activity levels in the Gulf/Middle East and UK regions. * Cash generation has again been strong with net debt expected to have halved in the year to less than £57m at the year end. * The Group is also pleased to announce that it has successfully refinanced its banking facilities on favourable terms through to June 2015. The new £220m syndicated credit facility with Lloyds Banking Group, Barclays Bank, National Australia Bank and HSBC, acting as joint mandated lead arrangers, provides Cape with a strong financial platform and the flexibility to support future growth. Looking forward, the board continues to expect a return to sustained organic revenue growth from the second half of 2011, as capital expenditure in the global energy sector begins to increase.
Just missed out on a £45 million contract for the gorgon project in Australia.... ouch
Cape is pleased to announce that Cape RB Hilton Saudi Arabia Ltd has received an award from its client "JGC Arabia Ltd" in recognition of its highly significant contribution to the insulation and refractory works undertaken over the last two years at the NCP North Plot Ethylene Project (National Chevron Phillip) in Jubail, Saudi Arabia. This award is was made to Cape by Japanese Client JGC following the completion of 68 million man-hours without a lost time incident (LTA), a remarkable achievement and, indeed, the only time in its corporate history that a JGC-operated project has achieved this many safe man-hours without an LTA. This award also recognises the high quality of the work performed by Cape, its completion of the entire project a month ahead of schedule, and its ongoing technical support to the project throughout its two year duration. This was a major insulation project for Cape, with a workscope comprising 85,000 M" of insulation, of which around 60000 M" was for cold cryogenic lines. For Cape in Saudi Arabia, this marked its biggest cold cryogenic insulation job. http://www.4-traders.com/CAPE-PLC-4001754/news/CAPE-PLC-Cape-RB-Hilton-Saudi-Arabia-Ltd-has-received-an-award-from-its-client-JGC-Arabia-Ltd-13906495/
I am privvy to more info re that trading update..... tusk tusk,.... naughty cape.... very naughty.
They are clearly not making much money in the middle east which was for so long the cash cow for the group.... they have alot of contracts out here though, so obviously the management are unable to make them pay!
Cape, the industrial cleaning and supplies provider, informed in its latest trading update of some pressures on margins in the Middle East which could crimp earnings. There was also a surprise one-off charge relating to a contract in the North Sea and three contracts were subject to delays in the underlying projects. The Telegraph’s Questor team believes however that the resulting fall in the company’s share price only makes sense if markets are discounting a significant slowdown in its business, which it considers unlikely. Among the reasons for that are the world’s structural need for energy, the massive amounts which will be invested in mining in the next few years and the company’s presence in the liquefied natural gas area, with the latter offering good opportunities for growth. Also in the firm’s favour perhaps, its chief executive reacted to the price fall by purchasing an additional 60,000 shares in stock. “The shares might trade sideways until there is news on new contract wins but they remain a buy, despite last week's disappointment,” Questor concludes.
Following the massive fall on the back of relatively minor setbacks proactively flagged up by management, it is good news that the 3 main Directors have shown their faith by buying in . As the shareprice is now recovering there seems every reason to think the direction will be Northwards for the rest of the year to regain some lost ground. Those who shorted may well be sweating!
Saw this and saw ADM this morning - both had lost over 30% Went for ADM as it was near 08/09 lows This still has more to fall before it hits similar lows so didn't invest
No reaction here? Perhaps we all expected the May Bubble to go pop eventually.You cant fool the people all the time as the saying goes!
it looks like their were over 10million shares in cape purchased yesterday.does that seem correct.GLA
Haha posted on wrong board sorry lol