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Cape - Big upgrades to eps forecasts

April 2010

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • CIU
  • Price:
  • 248p
Cape's finals smashed expectations with pretax profit rising nearly 26% to £60.7m, well ahead of the £55m forecast. Eps was 37.5p (forecast: 34p). Net debt reduced by 31% to £113.6m, while Cape expects to reinstate dividends later this year.  UK operating profit fell 6% to £25.4m reflecting strong activity from offshore projects, but decline in onshore. The star performer was the Gulf / Middle East division, where profit rose 67% to £38.6m. Of the smaller regions, the CIS increased profits 5% to £6.1m while the Far East / Pacific Rim halved profits to £7.9m.The lack of headway in the shares may reflect Cape's unexpected full provision of £70.5m to cover all future asbestos liabilities, although analysts welcome ...

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