1 May 2012 07:00
Embargoed: 0700hrs 1 May 2012
Cape plc
("Cape" or the "Group")
Interim Management Statement
Cape plc, the international provider of essential, non-mechanical support services principally 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 revenues for the three months ended 31 March 2012 some 16% higher than the comparable period last year, including a contribution from acquisitions of 3% and a positive currency effect of 3%. On a constant currency organic basis, revenues increased by 10%.
Regional/segmental activity levels were as anticipated with double digit revenue growth in our three largest regions. Operating margins have remained in line with last year except for the anticipated reduction in the Gulf/Middle East Region.
Financial position
There have been no significant changes to the financial position of the Group since the publication of the preliminary results on 6 March 2012.
Outlook and guidance
Cape has made a solid start to 2012 with continued double digit revenue growth following the strong revenue growth in the second half of 2011. The Board is confident the Group is well positioned for the remainder of the year and the Group's order intake continues to support this with the order book slightly ahead of year end levels.
Guidance remains unchanged from that notified with the preliminary results and Cape expects to announce interim results for the six months ending 30 June 2012 on Thursday 30 August 2012. Cape is holding its annual general meeting at 10.30 am on 16 May in London, UK.
- Ends -
Enquiries:
Cape plc | |
Brendan Connolly, Acting Chief Executive | +44 (0)20 3178 5498 |
Richard Bingham, Chief Financial Officer | |
M:Communications | |
Patrick d'Ancona | +44 (0)20 7920 2347 |
Ben Simons | +44 (0)20 7920 2340 |
About Cape:
Cape plc (www.capeplc.com), which is listed on the main market of the London Stock Exchange, provides a range of non-mechanical industrial services including access systems, insulation, painting, coatings, blasting, industrial cleaning, training and assessment to both industrial plant operators and major international engineering and construction companies.
As a single source provider, Cape is able to provide a range of specialist multi-disciplinary services specifically tailored to meet the needs of the client providing the most intelligent and cost efficient solutions for our customers' non-mechanical in-plant maintenance and capital needs.
In the year ended 31 December 2011, Cape reports revenues of £722.5 million. With scale and leading market positions across its international footprint, Cape employs over 19,000 people in 30 countries.