November 12, 2012 / 7:51 AM / 5 years ago

Cape warns on full-year profit, CFO leaves

Nov 12 (Reuters) - 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.

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