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Energy services company Cape has been awarded a three-year extension of its contract with petrochemical firm Saudi Basic Industries Corporation (SABIC). Cape is providing support services to SABIC sites located in north east England's Teesside. The agreement will run until 2015 with SABIC, a petrochemical company which produces polyethylene, polypropylene, glycols, methanol and fertilisers. Managing Director of Cape UK and Europe, Steve Connolly, said: "We are delighted to be awarded this extension to Cape's existing maintenance contract in recognition of our commitment to continue to deliver value to SABIC's facility through our focus on HSEQ performance, efficiency and sustainability. "Through this landmark contract, delivered within an integrated alliance we are pleased to continue our successful relationship with SABIC Petrochemicals." Cape provides non-mechanical support services to the energy and mineral resources sector.
The come back king !!!! I luv this share...
All the bad news and impairments due from 2012 will hit the company hard, that, and sentiment in the macro-economy such as the fiscal cliff will weigh too much on the markets as a whole going into new year. Be careful, others will take profits whilst they can or even cut losses before they go further in the red.
still troubling...
Cape: Northland Capital reduces target price from 230p to 155p and maintains a reduce rating.
Cape (CIU) Director name: Mr Joe Oatley Amount purchased: 15,000 @ 185.00p Value: £27,750
Go the same way as lamprell this week, await the outcome of the investigation before seeing a move upwards, work has been delayed but there is still a good business here.
Cape (CIU) Director name: Mr Leslie Van de Walle Amount purchased: 10,000 @ 181.20p Value: £18,120
Cape Plc (CIU), a supplier of scaffolding, fire protection and cleaners to energy companies, will sell two businesses in Australia as it tries to revive performance in the region. The Singapore-based company, whose shares slumped in August when it said performance in Australia was “well below” expectations, will dispose of a hire and sales business and a blasting workshop facility, said Ben Simons, a spokesman for the company in London. “Whilst successful profitable businesses, Cape believes they will develop more strongly under new ownership,” Simons said in an e-mail. “It is too early to comment on the potential proceeds, but Cape is not expecting that they will be material.” Cape said in August that problems in its Asia-Pacific region will probably persist into next year. The company, which has a market capitalization of about 325 million pounds ($524 million), lost about 18 percent of its value this year. The company said Aug. 30 that revenue grew 9.8 percent based on constant 2011 exchange rates to 371.6 million pounds in the first half. Adjusted profit before tax fell to 12 million pounds from 34 million pounds. On Aug. 1, Cape had said the company was unlikely to meet prior expectations for the year and “challenging” conditions in Asia-Pacific would probably persist into 2013. That came about two months after Cape took a 14 million-pound charge from the Arzew liquefied natural-gas project in Algeria.
Haven't been here for a while - very pleasantly surprised :-)
Energy support services firm Cape has established a joint venture in Kazakhstan in a bid to expand it presence in the country. A newly created firm Cape Caspian is jointly owned by Cape and the Lancaster Group, which the company described as a "highly reputable private company". Lancaster consists of several divisions operating in different sectors of the Kazakhstan economy including the energy, oil services and mining sectors. Cape's Chief Executive Joe Oatley, said the joint venture would build on more than twelve years of safe and successful Cape operations in Kazakhstan. "This provides an excellent opportunity to expand our business and to deliver future success for our shareholders," he said
Joe Oatley, Chief Executive of Cape, commented: "We are pleased to enter into this joint venture with Lancaster, which builds on more than twelve years of safe and successful Cape operations in Kazakhstan. This provides an excellent opportunity to expand our business and to deliver future success for our shareholders."
Cape establishes joint venture in Kazakhstan Cape plc, the international provider of essential, non-mechanical support services to the energy and mineral resources sectors, announces the establishment of a new Joint Venture, 'Cape Caspian LLP', in Kazakhstan. The joint venture is jointly owned by Cape and the Lancaster Group, a highly reputable private company consisting of several divisions operating in different sectors of the Kazakhstan economy including the energy, oil services and mining sectors, where Lancaster has a number of international partners. Cape has operated successfully in Kazakhstan for over twelve years. One of its clients, ERSAI Caspian Contractor, a Lancaster Group and Saipem joint venture based in Mangystau region, is among the biggest contractors for Kashagan oilfield development, one of the largest oil discoveries in recent history. By building on the strong local presence of Lancaster Group, the Cape Caspian joint venture will expand the range of opportunities for Cape in the growing Kazakhstan market.
http://www.investegate.co.uk/Article.aspx?id=201209110700049356L
This retrace was expected. No share can rise in the manner CIU has without profit taking kicking in. Where`s the percieved bottom and what is everyones rentry level? For me, I have set an automatic trade at 215P. This may however change dependent on the rate of fall.
Wow, yet another huge rise a strong close. Whilst I sold at 235P, I will not be out of CIU for too long. I just wish I knew the reason for the near 90 degree rise.
Cape Buy 30-Aug-12 £27,480.00 Tim J C Eggar 12,000 @ 229.00p
Exxellent performance. A couple of nice trades there traderUK - and I too am out for now. GL all
In the first big drop, I bought at 208p and sold at 280p, the second drop I bought at 180p and sold at 230p. The best gains on all trades this year in short time. I am still shorting this, dont understand why it went up so much while margin has been pressed so much comparing with last big drop. I would take the loss if/when it can go up to 280p again.
Sold today at 236P .... Can't see the rally continuing without some form of re-trace.
Revenue reduced to £24.1m (H1 2011: £28.3m) in the Mediterranean and North Africa region, largely driven by reduced activity levels in Kazakhstan. A business review is currently being conducted on Far East/Pacific Rim operations, where a revenue increase of 7.2% to £114.3m (H1 2011: £104.4m) was more than offset by the reduction in the adjusted earnings before interest, tax and amortisation (EBITA) margin to 2.8% (H1 2011: 8.7%), resulting in a decrease in adjusted EBITA to £3.2m (H1 2011: £9.1m). At the period end the company has an order book of £920m (H1 2011: £830m). Joe Oatley, Chief Executive of Cape said: "In my first few weeks at Cape I have focused on gaining a rapid understanding of our businesses around the world. Whilst this is clearly a challenging period for the Group, I am pleased to say that, having carried out an initial review of all of our operations, I continue to believe that the core of the business is fundamentally strong. Outside the Far East/Pacific Rim Region and the Arzew project in Algeria, the group's operations are performing in line with expectations. "Our near-term focus is on addressing the operational issues in Australia and ensuring that we have the foundations in place around the group to deliver consistent long-term growth in earnings. The group's substantial order book provides good near-term visibility and we remain confident of achieving the recently revised expectations for the current financial year."
Shares in Cape leapt over 20 per cent on Thursday morning after the firm delivered revenue growth of 9.8 per cent and maintained its dividend payment at 4.5p for the first half of 2012. At the start of August the firm had warned investors that it was unlikely to meet expectations in 2012 after trading - and consequently operating margins - in Australia deteriorated sharply in the second quarter, something which has now become a key area of focus for the group. The company also paid a £14m one-off charge in respect of losses arising from the Arzew project in Algeria. Revenue for the period came in at £371.6m, from £335.0m the same period the previous year, while profit before tax totalled £9.9m, down from £28.6m in the first half of previous year. Basic earnings per share plunged 67% from 17.9p to 5.9p. The UK region, which is Cape's largest business and accounts for 39.8% of group revenue, made good progress in executing the restructuring plan put in place in the fourth quarter of 2011 and delivered a solid first half performance. Excluding acquisitions, revenue from the UK rose 9.0% to a record £148m, driven by additional offshore maintenance work for North Sea operators. As expected, the Gulf/Middle East Region, which accounts for 20.3% of group revenue, recorded its first revenue growth (at 12.4%) since 2009, but operating margins were at lower levels reflecting the region's exposure to the construction support services cycle.
After sold 20K at 230p, I have 20K short at 233p. CIU is good one, but short-term, this gain is just too much for me. GLA anyway.
I'm out for now, GLA. Made my 10% and some, first real profit for sometime, magic
Good gain as i bought at 180p, looks like someone is manipulating atm and i sold all my CIU at 230p. Tbh, the news today does not deserve this sort of gain.