Cape confident in the year ahead

Industrial services provider Cape has given a confident year-end trading update, saying that the strong revenue growth seen in the third quarter continued through to the end of the year, with higher levels of activity being seen across the majority of its geographies.

While the Far East/Pacific Rim, UK and North Africa regions saw improvements, the Gulf/Middle East region experienced activity levels in line with expectations following the delayed released of works.

Back in its November interim management statement, Cape said that operating margins had been affected by slow release of work on secured contracts and changing work mix outside the UK. There was no mention of margins in today's update.

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"Looking ahead, the increase in activity levels seen during Q4 2011 with the commencement of works noted above, gives the Board confidence that 2012 will be a year of significant growth in activity," Cape said.