Cape plc is an industrial services business that as divisions in predominantly, building, scaffolding and insulation. It carries its busines out both here and abroad and is slowly but surely regenerating itself into a market leader and throwing off its old boring industrial image.

In a recent trading update on the 22/6/2004 it had several positive points that it announced at its AGM.

The chairman Martin May said,

'I am pleased to report that at the end of the first five months of trading, the
Company is ahead of budget and like-for-like sales show an encouraging increase
year on year.

Sales remain strong across most of the Company's activities with a healthy order
book to the year end in line with normal business expectations. Results from
the Company's offshore business have been particularly strong. Outside the UK,
CIS has experienced a number of accelerated contract start dates during the
first five months of trading and therefore turnover growth is expected to
balance itself during the second half of the year.

CIS continues to enjoy a strong position in most of the markets in which it
operates and since the beginning of the year, has been awarded a number of new
contracts both in the UK and internationally. In the UK, CIS is providing a
range of services on the 'Golden Eye' project offshore at St Fergus and
Mossmorran, and was awarded two three year onshore maintenance contracts for
industrial cleaning services and the provision of scaffolding and access
equipment at 'Didcot A Power Station'.

In the Middle East, CIS has been awarded a $6 million contract with Consolidated
Contractors Company for insulation work at Muscat, strengthening the Company's
leading position as a provider of insulation services in Oman. In Qatar, a
market where CIS has identified a number of new opportunities, CIS was awarded a
three year maintenance contract at Dukhan for Qatar Petroleum. Whilst still
taking advantage of further major project work, CIS continues to grow its
presence in higher-margin maintenance work on scaffolding and insulation
contracts, which now contributes about 60% of profitability in this region. ENDS.

Very encouraging news indeed.

Then if we look back at the last results we find that the company had an excelent trading period and also settled the ongoing litigation it had with the South African and UK shipyards something which in the past held this ones share price back.

FINANCIAL HIGHLIGHTS


Cape Industrial Services turnover(1) up 19.1% to 228.3m (2002: 191.7m)

Cape Industrial Services operating profit(1) up 8.7% to 10m (2002: 9.2m)

Group turnover(1) of 231.9m (2002: 224.8m)

Group operating profit from continuing operations(1) was 3.5m
(2002: 15.6m)

Group operating profit from continuing operations(1)(2) up 32.7% to
7.3m (2002: 5.5m)

Year end net debt reduced to 5.4m (2002: 19.3m)


(1) including its share of continuing joint ventures

(2) before compensation for industrial disease costs of 3.8m (2002: credit
of 10.1m)


OPERATIONAL HIGHLIGHTS

Settlement of South African and UK shipyards asbestos litigation

Group restructuring fundamentally complete

New project wins in UK and Middle East

Key objectives set following strategic review


KEY FUNDIES

.Market cap circa of 55 million

.P/E historic of circa 7.3

.Forward P/E of 6.8

.Gearing approx net cash -5 to -6million

I beleive results to be out late september, buying in now could be very worthwhile.

Please DYOR.


cheers GF.

Seems to have had the desired effect!

Deutsche Bank ups stake.

Trading Statement


TIDMCIU

RNS Number : 0225F
Cape PLC
06 January 2010

Embargoed: 0700hrs, 6 January 2010

Cape plc
("Cape" or the "Group")

Trading Statement

Cape plc, the international provider of essential, non-mechanical industrial
services principally to the energy and mineral resources sectors, issues the
following update for the year ended 31 December 2009.

Cape is pleased to confirm that it has continued to trade in line with
management expectations with activity levels remaining strong during the second
half.

The Group now expects full year results to be at least in line with market
expectations. Cash generation has also remained strong with net debt expected to
have reduced by circa GBP50m over the full year to around GBP115m at the year
end, approximately 9% ahead of market expectations.

Full year results will be issued on 10 March 2010.

- Ends -

Cape JV Gets Multi-Million Pound Royal Navy Carriers Contract


LONDON (Dow Jones)
Energy services provider Cape PLC (CIU.LN) said Thursday that Ship Support Services, a joint venture between Cape and industrial painting firm Pyeroy, has been awarded a nine-year contract worth over GBP100 million to provide access and specialist coatings services for the U.K. Royal Navy's new generation of aircraft carriers.

Cape said it will be providing access services while Pyeroy will undertake blasting, specialist containment and coatings applications, adding that preparatory work has already started.

Cape and Pyeroy both have an equal share in the joint venture, which was awarded by BAE Systems Surface Ships Limited (BA.LN).

The first ship, the HMS Queen Elizabeth, is expected to enter service in 2016, said Cape, adding that its first sections are expected to arrive in August 2011. The second ship, the HMS Prince of Wales, is expected to enter service in 2018.

Cape said integration of the vessels will take place at Rosyth in Scotland and significant dock modifications have been completed to accommodate both ships.

At 1125 GMT, Cape shares were down 2.8 pence, or 1.1%, at 251.8 pence in a slightly higher Dow Jones UK Smaller Companies Market, which was 0.2% higher.

CAPE WINS SHELL OFFSHORE CONTRACT


RNS Number : 6498F
Cape PLC
18 January 2010

Embargoed: 0700hrs, 18 January 2010

CAPE FAR EAST PACIFIC RIM WINS SHELL OFFSHORE CONTRACT

Cape plc, the international provider of essential, non-mechanical industrial
services principally to the energy and mineral resources sectors, is pleased to
announce that it has been awarded additional contracts with Shell Philippines
Exploration B.V. valued at US$10m.

Cape has secured the Shell Malampaya 2010 Shutdown Isolation Package which comes
on the back of the recently awarded "Offshore Hook Up and Commissioning
Contract" on the Shell Malampaya Offshore Shallow Water Platform. The shutdown
will be executed in the first quarter of 2010 whilst the Hook Up and
Commissioning contracts are expected to complete in June 2010.

Shell Philippines has engaged Cape to provide multiple services during these
contracts ranging from core skills such as access, insulation, protective
coating systems, rigging to specialist skills including mercury handling,
nitrogen purging and flushing and pressure and leak testing.

Martin May, Chief Executive of Cape plc, commented,

"Cape has been actively engaged on the Shell Malampaya Offshore and Onshore
assets in the Philippines for ten years and we are delighted to be appointed to
carry out our third shutdown. Cape is uniquely placed to provide such an
extensive range of diverse and complex services."

Was that you cashing in, skinny? ;-))

SORRY, WRONG CHART ABOVE

Al :-) That 4.6m trade @202 didn't help!

Buy CIU now at 225p

I've had a dabble this morning @213.5

Just closed @232.5 - which was nice.

Contract win on the 3rd, results on the 10th - anyone else?

Final Results.

Highlights



Adjusted Profit Before Tax(1) up 25.7% to 60.7m (2008: 48.3m) at AER(10) and up 8.9% at CER(10)

Adjusting operating profit margin(2) improved to 10.8% (2008: 10.4%)

Adjusted diluted earnings per share(3) up 25.0% to 37.5p (2008: 30.0p)

Free cash flow(4) up 128.3% to 54.1m (2008: 23.7m) with 95.9% (2008: 87.7%) operating cash conversion(5) at AER

Net debt(6) reduced by 31.4% to 113.6m (2008: 165.5m), 1.3 times(7) EBITDA(8) (2008: 2.1 times EBITDA)

Firm intention to reinstate dividend payments later this year

Increased level of confidence in future IDC liability enables a provision to be booked of 70.5m and the modified audit opinion is no longer required in the Group's audited accounts

Loss before tax of 15.6m (2008: profit before tax of 37.8m) reflects booking of IDC provision for future liabilities of 70.5m

Basic loss per share of 3.5p (2008: earnings per share of 26.7p)

53% growth in order book with over 61% of consensus 2010 revenues(9) secured

Final Results.

Highlights



Adjusted Profit Before Tax(1) up 25.7% to 60.7m (2008: 48.3m) at AER(10) and up 8.9% at CER(10)

Adjusting operating profit margin(2) improved to 10.8% (2008: 10.4%)

Adjusted diluted earnings per share(3) up 25.0% to 37.5p (2008: 30.0p)

Free cash flow(4) up 128.3% to 54.1m (2008: 23.7m) with 95.9% (2008: 87.7%) operating cash conversion(5) at AER

Net debt(6) reduced by 31.4% to 113.6m (2008: 165.5m), 1.3 times(7) EBITDA(8) (2008: 2.1 times EBITDA)

Firm intention to reinstate dividend payments later this year

Increased level of confidence in future IDC liability enables a provision to be booked of 70.5m and the modified audit opinion is no longer required in the Group's audited accounts

Loss before tax of 15.6m (2008: profit before tax of 37.8m) reflects booking of IDC provision for future liabilities of 70.5m

Basic loss per share of 3.5p (2008: earnings per share of 26.7p)

53% growth in order book with over 61% of consensus 2010 revenues(9) secured

Interesting to see that the latest broker BUY targets are very bullish....

Old price target New price target Broker change

10-Mar-10 Panmure Gordon Buy 247.50p - - Reiteration

07-Jan-10 Panmure Gordon Buy 269.00p 310.00p 350.00p Reiteration

30-Nov-09 Arden Partners Buy 228.00p - - Reiteration

03-Nov-09 Arden Partners Buy 250.00p 295.00p - Reiteration

350p for Panmure Gordon and 295p for Arden Partners.

Looks far too cheap.

Fingers crossed for a good day here.

Might be worth taking a position here I have today.



Fundies look very good aswell with the stock looking very cheap on a forward P/E of only 5.6 going into 2011.

Cape PLC

FORECASTS 2010 2011

Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Panmure Gordon
20-04-10 BUY 61.50 38.20 70.60 44.00

Arden Partners
09-04-10 BUY 61.13 37.30 6.00 69.18 41.70 7.00

Eden Group
01-04-10 BUY

Collins Stewart
10-03-10 BUY 63.80 39.00 70.50 43.00

Numis Securities Ltd
10-03-10 BUY 62.00 37.20 6.00 68.70 41.40 6.00

Evolution Securities Ltd
10-03-10 BUY 62.70 37.50 66.50 39.40

2010 2011
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Consensus 62.04 37.56 6.00 69.76 42.02 6.52

1 Month Change -0.02 0.00 0.00 0.01 -0.01 0.02
3 Month Change 1.40 1.37 6.00 -1.54 -0.10


GROWTH
2009 (A) 2010 (E) 2011 (E)

Norm. EPS % % 11.87%
DPS % % 8.67%

INVESTMENT RATIOS
2009 (A) 2010 (E) 2011 (E)

EBITDA m 87.78m 95.60m

EBIT m m m

Dividend Yield 0.00% 2.51% 2.72%

Dividend Cover x 6.26x 6.44x

PER -106.86x 6.37x 5.69x

PEG f f 0.48f

Net Asset Value PS p p p

Going very well at the moment and it should do being so undervalued.