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6 Jan 2010 07:00
Embargoed: 0700hrs, 6 January 2010
Cape plc
("Cape" or the "Group")
Trading Statement
Cape plc, the international provider of essential, non-mechanical industrial services principally to the energy and mineral resources sectors, issues the following update for the year ended 31 December 2009.
Cape is pleased to confirm that it has continued to trade in line with management expectations with activity levels remaining strong during the second half.
The Group now expects full year results to be at least in line with market expectations. Cash generation has also remained strong with net debt expected to have reduced by circa £50m over the full year to around £115m at the year end, approximately 9% ahead of market expectations.
Full year results will be issued on 10 March 2010.
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For further information please contact:-
Cape plc Martin K 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 7920 2340
About Cape:
Cape plc (www.capeplc.com), which is listed on AIM (CIU), provides a range of essential non-mechanical industrial services including insulation, common user access systems, fire protection, abrasive blasting and specialist cleaning throughout asset lifecycles for major industrial clients in the international energy and resources sectors.
Cape has a broad international footprint and employs c.13,500 people in 28 countries. The Group's main markets are 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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