UPDATE 2-Cape lifts year guidance as H1 profit rises 85 pct

* Sees year pretax profit consensus rising to 57 mln stg

* Expects debt to fall to mid-80s mln stg by end-2010

* H1 pretax profit 27.2 million pounds, vs 14.7 million

* Order book up 48 percent since end 2008

* Shares up 7.5 percent (Adds FD, analyst comment, shares)

By Matt Scuffham

LONDON, Sept 16 (Reuters) - British energy services group Cape (CIU.L) said it expected its full-year profit to be ahead of market expectations after it increased first-half pretax profit by 85 percent, sending its shares up 7.5 percent.

Cape, which provides maintenance services to energy and mining companies, said on Wednesday pretax profit rose to 27.2 million pounds ($44.7 million) in the six months to June 30, from 14.7 million the year before.

Cape, whose services are used by 27 of Britain's 50 major power stations, said it had benefited from exchange rate movements and cost reductions which contributed to group operating margin rising to 10.5 percent from 10.1.

Its order book had grown 48 percent since the end of 2008, boosted by contracts with clients including British Energy (EDF.PA), Qatargas and Minara Resources (MRE.AX).

Cape said its activities were less affected by changes in the macro environment, as maintenance spending is an essential expense for plant operators.

Finance Director Richard Bingham told Reuters he expected the consensus forecast for full-year pretax profit to rise to 57 million pounds from 54 million.

For earnings per share, he anticipated the 2009 consensus to increase to 34 pence from 32 and the 2010 consensus to move to 36 pence from 33.

Bingham also said he expected net debt to be reduced to 125 million pounds by the year end, better than the 130 million forecast by analyst, and would continue to fall in 2010.

"We'll continue to generate similar cash flow next year so the debt will theoretically be down to the mid-80s (million)," he said.

Shares in the company were up 7.5 percent to 223.5 pence at 0910 GMT.

Numis raised its 2009 EPS forecast by 3 percent to 34 pence and its 2010 forecast by 9 percent to 36 pence, while retaining a 'buy' stance and lifting its target price to 292 pence.

"A combination of re-rating and firming forecasts could take the shares to 300-400 pence over 12 months. Cape could potentially pay a dividend in 2010 which could attract further new investors," said Numis analyst Francesca Raleigh.

Evolution Securities upgraded its 2009 pretax profit forecast to 56.1 million pounds from 48.9 million before.

"(A) fractionally better-than-expected margin performance leading to upgrades should help the share price to move higher once more," said Evolution analyst Adrian Kearsey, who has a 'buy' recommendation on the stock. ($1=.6079 Pound) (Editing by Rupert Winchester)

(Reporting by Matt Scuffham; Editing by Victoria Bryan)