Nov 12 Industrial services provider Cape Plc
warned that its full-year operating profit would be
significantly below expectations, and said Finance Director
Richard Bingham would leave the company with immediate effect.
Cape, which provides insulation, painting, coatings, and
industrial cleaning services to plant operators in the energy
and mining sectors, issued several profit warnings in August
citing a lack of new projects in Australia.
The Singapore-based company said on Monday that a further
downturn in current trading in its onshore Australian business
and a number of legacy issues hurt its operating margin.
An ongoing review of the onshore Australian business would
likely be complete before year-end, the company said.
Cape's revenue rose 6 percent for the quarter ended Sept.
30, driven by increased demand in the Commonwealth of
Independent States and the Middle East.
Shares in the company closed at 262 pence on the London
Stock Exchange on Friday.