Cape anticipates stronger H2 with Wheatstone LNG activity

Cape plc, a provider of critical industrial services to the energy and natural resources sectors, has announced its H1 results for 2014.

Highlights

• Overall trading performance in line with expectation.
• Order intake during the first half increased by 33% to £ 317 million (H1 2013: £239 million).
• Revenue decreased by 13% to £322.3 million (H1 2013: £370.8 million).
• Adjusted operating profit decreased by 12% to £23.4 million with adjusted operating margin improving to 7.3%.
• Adjusted net debt of £132.0 million (H1 2013: £73.9 million).

Comments

Commenting on the results, Joe Oatley, CEO of Cape said: “I am pleased to be able to report that Cape has delivered a first half result in line with expectation, demonstrating the progress we have made in stabilising the Group, enabling us to now move into the growth stage of our strategy.

“Market conditions remain mixed with strong demand in the MENA region, but construction activity remains subdued in many other parts of the world. We anticipate a stronger second half as activity ramps up on the Wheatstone LNG project in Australia, UK margins recover to normal levels and the Group continues to benefit from the recent acquisition of Motherwell Bridge.

“Overall, the Board anticipates that the full year performance will be in line with expectation and remains confident in the future growth prospects of the Group.”

Image courtesy of Cape plc.

Adapted from press release by Katie Woodward

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/27082014/cape-reports-h1-2014-results-1290/