Cape plc Interim Management Statement (7625W)
November 12 2014 - 2:00AM
UK Regulatory
TIDMCIU
RNS Number : 7625W
Cape plc
12 November 2014
12 November 2014
Cape plc
("Cape" or the "Group")
Interim Management Statement
Cape plc, the international provider of critical industrial
services to the energy and mineral resources sectors, today issues
the following Interim Management Statement for the period 1 January
2014 to date, incorporating the results from 1 January 2014 to 26
October 2014.
Trading
The Group's overall trading remains in line with the Board's
expectation.
The UK, Europe and CIS region continues to deliver a steady
performance and we are particularly pleased with the strong
contribution from the newly-formed Cape Specialist Services
business. Prospects in Azerbaijan are improving with workload for
the SOCAR Cape joint venture expanding on both maintenance and new
project work. Activity in Kazakhstan remains materially lower than
historical levels with the timing of major new projects
unclear.
The performance of the MENA region remains robust across the
three major countries driven by demand from the construction market
in the Kingdom of Saudi Arabia, a strong margin performance in the
Qatar business and success in securing small project and recovery
works in the UAE. The onerous contract in Qatar remains challenging
but the project team continues to make good progress and we
anticipate delivering our works in line with the client's
requirements.
The Asia Pacific region performance is mixed. As previously
highlighted, there has been a slower ramp up on the Wheatstone
project in Australia than originally forecasted but workload is now
increasing with approximately 140 employees now mobilised on site.
Maintenance activities in Australia remain subdued. Overall, the
performance across Asia has remained steady with strong margins in
the Philippines and Thailand offsetting a weaker performance in
Singapore and Hong Kong.
At the end of October the Group order book was GBP636 million
(29 June 2014: GBP643 million). Bidding activity remains high
across all regions and the MENA region, in particular, has
continued to benefit from a strong order intake. As previously
indicated, the UK orderbook is impacted by the timing of key
maintenance contracts which are expected to be renewed during the
next quarter.
Outlook
Given the Group's performance to date and the visibility over
the next two months, the Board anticipates that trading for the
full-year will be in line with expectation.
Enquiries:
Cape plc
Joe Oatley, Chief Executive +44 (0) 1895 459 979
Michael Speakman, CFO +44 (0) 1895 459 979
Buchanan +44 (0) 207 466 5000
Bobby Morse, Ben Romney, Louise Mason
Forward looking statements
Any forward looking statements made in this document represent
the Board's best judgment as to what may occur in the future.
However, the Group's actual results for the current and future
financial periods and corporate developments will depend on a
number of economic, competitive and other factors, some of which
will be outside the control of the Group. Such factors could cause
the Group's actual results for future periods to differ materially
from those expressed in any forward looking statements included in
this announcement.
About Cape:
Cape plc (www.capeplc.com), which is premium listed on the main
market of the London Stock Exchange, provides a range of
non-mechanical industrial services including access systems,
insulation, coatings, refractory linings and a range of specialist
services including environmental services and storage tank
construction and maintenance to both industrial plant operators and
major international engineering and construction companies.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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