Cape profit falls on poor performance in Australia

March 6 Wed Mar 6, 2013 2:38am EST

March 6 (Reuters) - Cape Plc, a provider of painting and insulation services to miners and LNG producers, reported a 66 percent fall in full-year pretax profit, citing poor performances by its Australian business and slow progress at the Arzew gas project in Algeria.

The company said adjusted profit before tax fell to 23.8 million pounds ($36 million) from 69.4 million pounds a year earlier.

Adjusted revenue from continuing operations rose 7 percent to 749.4 million pounds, driven by construction projects in the Middle East.

Cape warned on its profits in November, noting issues at the Arzew LNG project and worsening margins in its Australian business.

Shares of the company, which has a market value of 282 million pounds, closed at 233 pence on the London Stock Exchange on Tuesday.