Cape confident after in-line quarter

Energy and mineral extraction industries services provider Cape left full-year guidance unchanged after announcing underlying revenues increased by one-tenth in the first quarter.

Revenues for the three months ended March 31st were some 16% higher than the comparable period of 2011, including a contribution from acquisitions of 3% and a positive currency effect of 3%.

Regional and segmental activity levels were as management anticipated with double digit percentage revenue growth in the group's three largest regions. Operating margins have remained in line with last year except for the anticipated reduction in the Persian Gulf/Middle East Region, Cape said.

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"The board is confident the group is well positioned for the remainder of the year and the group's order intake continues to support this with the order book slightly ahead of year end levels," the company statement said.

JH