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20 May 2009 07:00
20 May 2009
Cape plc
("Cape" or the "Company")
Q1 2009 Interim Management Statement and AGM
Cape plc ("Cape" or "the Group"), the international provider of essential support services to the energy and natural resources sectors, today provides its Interim Management Statement for the period from 1 January 2009 to date.
Cape will today hold its Annual General Meeting at the Offices of Berwin Leighton Paisner LLP, Adelaide House, London Bridge, London EC4R 9HA starting at 10 a.m.
Trading Performance
The group is pleased to report that underlying trading performance is in line with earlier guidance provided with activity levels ahead on a year on year basis.
The group's financial performance has been positively impacted by exchange movements and strong results in the Gulf/Middle East partially offset by project delays and a slowing market in Australia, all other regions are in line or ahead of expectations.
Outlook
The Group continues to make solid progress and revenue visibility over the balance of 2009 continues to firm.
Martin May, CEO commented
"We have made a good start to the year. Whilst we remain cautious given the difficult global economic climate in which we operate, we believe that we will continue to make satisfactory progress. The strength of our business model along with our bundled services proposition gives the Board the confidence that looking ahead we are well positioned to deliver organic growth at a lower overall cost to our clients."
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For further information please contact:-
Cape plc Martin May, Chief Executive Officer Richard Bingham, Chief Financial Officer Tel. +44 (0)20 3178 5498
Numis Securities Limited Nominated Adviser: John Harrison, Managing Director Corporate Finance Corporate Broker: James Serjeant, Director Corporate Broking Tel. +44 (0)20 7260 1000
Merrill Lynch International Andrew Tusa, Director Corporate Broking Europe Tel. +44 (0)20 7628 1000
M: Communications Patrick d'Ancona or Ben Simons Tel. +44 (0)20 7153 1530
About Cape:
Cape plc (www.capeplc.com), which is listed on AIM (CIU), specialises in the provision of common user access systems, insulation, fire protection, abrasive blasting, refractory, specialist cleaning and other essential industrial services throughout asset lifecycles for major industrial clients in the international energy and natural resources sectors.
Cape employs c.13,500 people in 28 countries with its four main markets being the UK, Gulf/Middle East, CIS, Mediterranean and North Africa, and the Far East/ Pacific Rim.
In the year ended 31 December 2008, Cape reported turnover of £622.7 million.
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