TEESSIDE SCAFFOLDER
Well-known member
Cape Expects Earnings to Grow to 2015 After Returning to Profit
By Eduard Gismatullin - Mar 2, 2011 9:55 AM GMT
inShare.0More
Business ExchangeBuzz up!DiggPrint Email .Cape Plc, which supplies fire- protection, scaffolding and cleaners to energy companies, expects earnings to grow through 2015 after returning to profit last year. The shares rose the most in eight months in London.
The directors forecast “a return to organic revenue growth from the second half of 2011,” Chairman Sean O’Connor said today in a statement. “As capital expenditure in the global energy sector begins to increase, we look forward to a sustained period of high earnings growth from mid 2011 towards 2015.”
The company reported net income of 49.5 million pounds ($80.46 million) last year, from a 4.1 million-pound loss. It halved its debt to 52.9 million pounds and agreed to pay a full- year dividend of 12 pence.
Cape shares rose as 8.1 percent to 440 pence at 9:40 a.m. in London, the most since June 18.
Uxbridge, England-based Cape is expanding its operations in Australia and Papua New Guinea, said Chief Executive Martin May. The company is progressing with its projects in Qatar, Saudi Arabia, United Arab Emirates and in the Caspian Sea region. It also has a project in Algeria.
“We are very well positioned to pick up a very substantial amount of work,” May said in a phone interview. “We have a small businesses in Bahrain, Kuwait and Oman,” which along with the Algerian operations have experienced “no impact” so far from unrest in region, he said.
Cape works for the Chevron Corp.-led Gorgon and Woodside Petroleum Ltd.-led Pluto liquefied natural gas projects in Australia. The company expects to secure more contracts with new developments led by BG Group Plc and Royal Dutch Shell Plc in the country.
“We have argued that an upturn in Cape’s business was inevitable,” Keith Morris, a London-based analyst at Evolution Securities Ltd., wrote in an e-mail. “This is now confirmed in the outlook statement.”
By Eduard Gismatullin - Mar 2, 2011 9:55 AM GMT
inShare.0More
Business ExchangeBuzz up!DiggPrint Email .Cape Plc, which supplies fire- protection, scaffolding and cleaners to energy companies, expects earnings to grow through 2015 after returning to profit last year. The shares rose the most in eight months in London.
The directors forecast “a return to organic revenue growth from the second half of 2011,” Chairman Sean O’Connor said today in a statement. “As capital expenditure in the global energy sector begins to increase, we look forward to a sustained period of high earnings growth from mid 2011 towards 2015.”
The company reported net income of 49.5 million pounds ($80.46 million) last year, from a 4.1 million-pound loss. It halved its debt to 52.9 million pounds and agreed to pay a full- year dividend of 12 pence.
Cape shares rose as 8.1 percent to 440 pence at 9:40 a.m. in London, the most since June 18.
Uxbridge, England-based Cape is expanding its operations in Australia and Papua New Guinea, said Chief Executive Martin May. The company is progressing with its projects in Qatar, Saudi Arabia, United Arab Emirates and in the Caspian Sea region. It also has a project in Algeria.
“We are very well positioned to pick up a very substantial amount of work,” May said in a phone interview. “We have a small businesses in Bahrain, Kuwait and Oman,” which along with the Algerian operations have experienced “no impact” so far from unrest in region, he said.
Cape works for the Chevron Corp.-led Gorgon and Woodside Petroleum Ltd.-led Pluto liquefied natural gas projects in Australia. The company expects to secure more contracts with new developments led by BG Group Plc and Royal Dutch Shell Plc in the country.
“We have argued that an upturn in Cape’s business was inevitable,” Keith Morris, a London-based analyst at Evolution Securities Ltd., wrote in an e-mail. “This is now confirmed in the outlook statement.”
