Gulf and Middle East prove profitable for Cape
lundi, 12 octobre 2009
Cape, the provider of support services to the energy and resources sectors, has revealed half-year profits up by 85% boosted by a big growth in its order book and increased international profile.
The Wakefield-based business saw pre-tax profits jump from £14.7m to £27.2m for the six months to June 30, on revenues up 12% to £331.6m.
The Gulf and Middle East territories were particularly strong with profits up by 78%.
Contract wins over the period included strategic maintenance for clients including British Energy, Qatargas, BAPCO, SABIC and Minara Resources.
Chief executive Martin May admitted the figures had been boosted by favourable exchange rates but said he was confident about the group's future prospects.
Group adjusted operating profit was up 21% to £36.2m, while net debt was reduced from £199m to £151.5m.
Cape has seen a 48% increase in its order book since its 2008 year end while 73% of its profits were generated from outside the UK over the half-year period.
Mr May said: "Cape has delivered a solid financial performance in the first half.
"Our global engineering and construction clients are now posting stable or increasing order books and the pace of contract awards is showing some signs of improvement in Australia and North Africa. This in turn gives us confidence that growth can be maintained."