CAPE - trading in line and net debt down again
The international provider of services to the energy and mineral resources sectors has confirmed that trading in the year to 31 December 2010 was in line with expectations (Consensus pre-tax profit of £68m and earnings per share of 41p).
The Group’s overall activity and revenue levels have remained broadly consistent with the prior year and they have continued to benefit from their international footprint across important growth markets within the energy sector. On a regional basis, the pattern seen in the first half of 2010 continued through the rest of the year with higher activity levels in the Far East/Pacific Rim region offsetting the expected lower activity levels in the Gulf/Middle East and UK regions. Cash generation has again been strong with net debt expected to have halved in the year to less than £57m at the year end.…