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Interim Results

Cape revenues and profits jump

22 August 2017 07:26

Cape has reported a strong trading performance and financial results in the six months to 2 July in challenging market conditions.

Revenues from continuing operations rose by 46.8% to £581.9m and adjusted operating profits were up 125.9% at £42.7m.

On a statutory basis, operating profits rose by 452.9% to £37.6m and pre-tax profits were up 2,250.0% at £32.9m.

Chief executive Joe Oatley said: "The group has delivered a very strong operational and financial performance in the period.

"Revenue, operating profit, margins and cash conversion have all improved, reflecting operational excellence in the delivery of key projects in Australia and South Korea, and effective management of the Group's working capital.

"The Group was also successful in securing strategic contract wins in the UK, with the renewal of the long-term maintenance contract with BP, and in Australia, with the award of an initial contract at the Ichthys onshore LNG project.

"The goard's expectation for the Group's full year performance remains unchanged with the anticipated reduction in construction related activities in Asia Pacific resulting in the Group's earnings being strongly weighted towards the first half of 2017.

"The board continues to anticipate that 2018 will be a more challenging year, driven by the expected reduction in volume from the current high level of construction activity in Asia Pacific and the effect of project delays and margin pressures in the Middle East."

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Related Company: CIU

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