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Cape profits rise 17pc

Pre-tax profit at energy services firm Cape increased to £35.5 million in the first six months of its financial year, compared to £30.2m a year earlier the firm said today.

Revenues at the industrial services specialist, which primarily works in the energy infrastructure market, were virtually unchanged at £331.3m in the six months to 30 June 2010.

Cape chief executive Martin May said: “In overall terms revenue is in line with our plan, with growth in the Far East/Pacific Rim of 28.6 per cent largely offset by an anticipated reduction in the Gulf/Middle East Region.  Operating margins improved despite a more competitive pricing environment.”

He added: “Looking ahead over the balance of the year, with the high level of shutdown activity in the first half and with stronger comparatives from the second half of last year, we expect little further growth in EPS.”

“The strong first half and the high level of revenue visibility gives us confidence that the full year outcome will be at least in line with the Board’s expectations.  We do not anticipate a return to sustained organic revenue growth until at least the second half of 2011.”