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If this hit 3p I will be putting another 20k in!
For the first set of figures as a company with a main listing, the interims from Cape were a touch underwhelming, according to the Tempus column at the Times. They were greeted with a 6¾p fall in the share price to 480p. Revenues were pretty well flat at £335 million and profits before tax fell by 12.5 per cent to £28.6 million. Operating margins slipped from 12.1 per cent to 11.5 per cent. Of the factors that held performance back, probably the most significant were aggressive competition in the North Sea, the completion of earlier work in the Middle East and a delay to starting on a large liquified natural gas plant in Algeria. Long-term, the shares look a pretty good bet, given the markets where Cape is focused and the higher visibility of the shares on the main market, says the Times
another two good contracts awarded to Cape,gla
Will the recent death of the Cape Scaffolder, tragically killed whilst removing ties from a scaffold structure, affect the share price? Or is it just a rumour?................
Colzo-BUY!
does anyone think this is a good buying prospect ?
Outlook Our business model inherently provides us with high levels of revenue visibility and the Board confidently expects a return to revenue growth in-line with our double-digit target range in the second half driven by: - Gas and LNG projects in the Far East/Pacific Rim region; - Downstream projects in the Gulf/Middle East region; - Increasing maintenance/production support expenditure in the UK region; and - The commencement of the GL3-Z LNG project in Arzew, Algeria. We remain focused on continuing to provide superior execution and delivery to our clients. The Board is confident that by building on our strong customer relationships, the Group will continue to capitalise on the profitable growth opportunities inherent in its strategy. Notice of results Interim results for the six months ended 30 June 2011 will be published on Wednesday, 31 August 2011.
Corporate expenses As highlighted in the Interim Management Statement of 16 May 2011, and as expected, c£3.5m of non-recurring corporate charges have been incurred in the year to date comprising £2m in relation to the move from AIM to the LSE's main market and the corporate restructuring involving a new Jersey-incorporated Group holding company (announced with the preliminary results on 2 March 2011) and a £1.5m charge representing the unamortised facility fees arising on the early cancellation of the Group's 2007 syndicated bank facility. Financial position The Group is in a strong financial position. We expect net debt at the end of June 2011 to increase to c. £76m (December 2010: £52.9m; June 2010: £95.1m), reflecting the usual seasonal working capital outflows, higher levels of capex as we invest in growth, and the reintroduced dividend payment.
Trading Cape plc, the international provider of essential, non-mechanical support services to the energy and mineral resources sectors, today issues a trading update for the first six months of 2011. In line with previous guidance, we anticipate that revenues in the first half will be broadly similar to last year, with growth expected to recommence throughout the second half and beyond, as demand for construction support services increases. As anticipated, on a regional basis in the first half, our Far East/Pacific Rim business continues to perform well and we expect revenues to grow by around 18%. We also expect revenues in the CIS/Mediterranean & North Africa business will grow by around 30%. Growth in these two regions is expected to offset lower activity levels in the Gulf/Middle East region where revenues are expected to reduce by c18%. We expect regional operating margins in the first half to be at similar levels to last year on an underlying basis other than in the Far East/Pacific Rim region, where they are expected to continue to strengthen.
a nice little correction today, so back om track, could we see 600p prior to going full list?
Martin May reckons he will be the only chief executive to have taken a quoted company off a full listing and on to the junior Alternative Investment Market and then to have restored it to the main market again — and, indeed, he may well be. Cape dropped on to AIM in 2002 with a mass of problems, including damaging asbestosis liabilities, the market worth at one stage falling to just GBP3m. The company is now focused on providing services to the oil and gas industries and other resources companies. The shares have had a good run but still sell on 11 times’ this year’s earnings. Longer term, they should have further to go, says the Times.
Outlook* As reported with the preliminary results on 2 March 2011, the Board continues to expect demand for Cape's construction support services to commence a sustained period of growth from the second half of this year. The Group's order intake in the first four months supports this with contract wins in the Gulf/Middle East including extensive packages on the Jubail Export Refinery, Ruwais Refinery 4th NGL train, Habshan 5 and Borouge III projects all expected to commence in the final quarter of 2011 or early 2012. In the Far East/Pacific Rim region several major LNG liquefaction plant projects are moving forward and the Board anticipates demand for construction support services in the region to commence a period of strong growth. The Group expects to announce its interim results for the six months ending 30 June 2011 on Wednesday 31 August 2011.
Interim Management Statement and Annual Report and Accounts publication Cape plc, the international provider of essential, non-mechanical support services to the energy and mineral resources sectors, today provides its Interim Management Statement for the year to date. Trading The Group is pleased to confirm that overall trading has been in line with the Board's expectations, with activity levels and operating margins consistent with the same period in the prior year. Regional/segmental activity levels were as anticipated, with the CIS/Mediterranean & North Africa region and Far East/Pacific Rim region both ahead of the same period in 2010, offsetting the continued lower activity levels in the Gulf/Middle East region. Corporate expenses As expected, £3.5m of non-recurring corporate charges have been incurred in the year to date comprising £2m in relation to the move from AIM to the LSE's main market and the corporate restructuring involving a new Jersey-incorporated Group holding company (announced with the preliminary results on 2 March 2011) and a £1.5m charge representing the unamortised facility fees arising on the early cancellation of the Group's 2007 syndicated bank facility. Financial position There have been no significant changes to the financial position of the Group since the publication of its preliminary results for the financial year ended 31 December 2010 on 2 March 2011. As announced on 6 January 2011, the Group's new £220m bank facility through to June 2015 provides a strong financial platform and the flexibility to support future growth. Chairman As announced on 3 May 2011, Tim Eggar, former Minister for Energy, was appointed Non-Executive Chairman on 1 May 2011.
Blackrock's holding has crossed the 16% threshold. and a nice rise in the Sp to boot
Cape aquires Shoreguard Pty Ltd (Shoreguard Marine) a WA co.GLA
Altium starts coverage of Cape with buy rating and 670P price target
Cape trades on a December 2011 earnings multiple of just 9.9 times, falling to 8.9 next year. The current order book accounts for 63% of forecast earnings in the current year, which is reassuring. The company also started paying a dividend for the first time in a decade last year. The prospective yield in the current financial year is 3%. Buy says the Telegraph.
"Balance sheet continues to strengthen, with net debt halved to £52.9m (2009: £113.6m) and ratio of net debt to adjusted EBITDA reducing to just 0.6 times (2009: 1.3 times)"
HafeezShap--- it was quite a turnaround though from a loss last year to a very decent profit and an increase in the divi
Evolution Securities issued a "buy" rating for Cape (CIU), the energy services group, with a 500p target price. Commenting after full-year results were published yesterday, the broker said the combination of compelling valuation and a growth outlook from the second half of 2011 through to 2015 is rare in the oil service space at this stage in the cycle. Whilst margin progression from here may be muted, Evolution thinks top-line growth should accelerate, allowing the company to approach its goal of doubling earnings per share to 80p by 2015
Energy services group Cape (CIU) swung to a pre-tax profit for the year ended 31st December 2010, helped by strong demand in the Far East/Pacific Rim region, and said it expects international markets to drive a sustained period of high earnings growth from mid 2011 through to 2015. For the 12-months, the provider of non-mechanical support services to the energy and resources sectors posted a pre-tax profit of 63.1 million pounds, which compares to a loss of 15.6 million pounds a year earlier. A final dividend of 8 pence per share will be paid, the group added, taking the annual dividend to 12 pence per share. Fund manager Mark Slater, whose MFM Slater Growth Fund is 7.63% invested in Cape, was rumoured to be seen dancing a jig outside his office as Cape shares surged 59p to 466p
Trading statement due out 1st week Jan anticipation of continuing upward momentum