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7 Jul 2009 07:00
Embargoed: 0700hrs, 7 July 2009
Cape plc
("Cape" or the "Group")
Trading Update
Cape plc (AIM: CIU), the international provider of essential support services to the energy and natural resources sectors, issues the following pre-close trading update ahead of the announcement of its interim results for the six months ended 30 June 2009, which is expected on 16 September 2009.
The Group's underlying trading performance in the first half of 2009 has been in line with management expectations and earlier guidance provided. The headline results for this period will also benefit from favourable exchange rate movements.
Since the Interim Management Statement issued by the Company on 20 May 2009, performance during the period across Cape's diverse international footprint has continued to be well balanced. Whilst we continue to experience some project delays in Australia due to adverse market conditions, this is more than offset by growth in the Middle East markets as evidenced by our recent contact wins. All other regions continue to trade at or ahead of expectations.
With strong cash generation in the first half, the Group's net debt at 30 June 2009 has continued to reduce further from year end 2008 levels.
The positive momentum in the first half has continued into the second half and, with improving revenue visibility, the Board is increasingly confident of the outcome for the full year.
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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: CommunicationsPatrick 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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