Cape plc Trading Update & Contract Win (3839T)
January 05 2017 - 2:00AM
UK Regulatory
TIDMCIU
RNS Number : 3839T
Cape plc
05 January 2017
05 January 2017
Cape plc
("Cape" or "the Group" or "the Company")
2016 full year results anticipated to be ahead of expectations;
additional work scope awarded at Wheatstone
Cape plc (CIU.LN), an international leader in the provision of
critical industrial services to the energy and natural resources
sectors, today makes the following announcements:
-- 2016 full year results are anticipated to be materially ahead
of current market expectations
-- Additional work scope awarded at the Chevron-operated Wheatstone natural gas project
Improved full year results
The Group experienced strong trading across its three regional
businesses during the last two months of the year, with a
particularly strong performance in Asia Pacific driven by high
levels of project activity across the region. As a result, the
Board now anticipates that the full year performance for 2016 will
be materially ahead of current market expectations. This
improvement in performance is supported by strong cash generation
with a consequent positive impact on net debt.
As previously disclosed, the Board remains confident that the
outlook for 2017 is encouraging.
Cape expects to announce its audited results for the full year
ending 31 December 2016 on 15 March 2017.
Additional work scope at Wheatstone
Cape is delighted to announce the award of additional work
packages on the Chevron-operated Wheatstone natural gas project,
near Onslow, Western Australia.
Cape is now providing Access, Painting, Insulation and Fire
Proofing services to the project until completion. The additional
packages will see Cape extending its scope of services to include
outside battery limits (OSBL), the Domestic Gas Plant and
commissioning support. This follows the delivery of its existing
contracted scope across the LNG trains inside the battery limits
(ISBL).
The award reflects the Group's performance on the contract to
date, including safety (over 2 million man hours to date Lost Time
Incident free), operational excellence, innovation in project
management and cost savings through productivity and workforce
management.
Regional Managing Director Neil Sadler commented: "We are proud
to be continuing our work on one of the world's largest
construction projects and look forward to delivering a safe and
successful project."
Insurer PL industrial disease claims
There has been no material change to the position disclosed on
18 November 2016 in respect of the insurer PL industrial disease
claims.
This announcement contains inside information.
Enquiries:
Cape plc +44 (0) 1895 459 500
Joe Oatley, Chief Executive
Michael Speakman, Chief Financial Officer
Ian Wood, Head of Investor Relations
Buchanan +44 (0) 207 466 5000
Bobby Morse, Ben Romney, Chris Judd
Forward looking statements
Any forward looking statements made in this document represent
the Board's best judgement as to what may occur in the future.
However, the Group's actual results for the current and future
fiscal 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. For details of the Group's principal risks and
uncertainties, please see pages 18 to 25 of the Group's 2015 Annual
Report and Accounts.
About Cape:
Cape (www.capeplc.com), which is premium listed on the main
market of the London Stock Exchange, is an international leader in
the provision of critical industrial services principally to the
energy and natural resources sectors. Our multi-disciplinary
service offering includes access systems, insulation, specialist
coatings, passive fire protection, refractory linings, mechanical
services, environmental services, oil and gas storage tanks and
heat exchanger replacement and refurbishment. Cape employs c.16,400
people working across 19 countries and in 2015 reported adjusted
revenue of GBP711.4 million
This information is provided by RNS
The company news service from the London Stock Exchange
END
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