UPDATE 1-Cape says 1st-qtr revenue rises on growth at key markets

Tue May 1, 2012 3:04am EDT

* Says rev for 1st-qtr up 16 pct

* Says confident about 2012

* Says order book higher than last year

May 1 (Reuters) - Industrial services provider Cape Plc said its quarterly revenue rose 16 percent, helped by double-digit sales growth in the United Kingdom and two other regions.

The FTSE 250 company, which provides insulation, painting, coatings, and industrial cleaning services to plant operators in the energy and mining sectors, said it was well positioned for the rest of the year as its order book was marginally higher than a year ago.

The company said trading for January-March met its expectations with acquisitions contributing 3 percent of sales growth and forex gains contributing another 3 percent.

Cape said its operating margins were flat at year-ago levels, except for the anticipated reduction in the Gulf and the Middle East region.

The company also operates in Far East and Pacific Rim as well as CIS, Mediterranean and North Africa.

Cape shares rose as much as 3 percent at 388.5 pence on Tuesday morning on the London Stock Exchange. They have shed about 14 percent of their value since the company surprised investors and analysts last month by announcing the departure of its CEO Martin May.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.