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.

And again 373.50

CAPE PLC
("Cape" or the "Company")

CHANGE TO OIL EQUIPMENT & SERVICES ICB CLASSIFICATION

Cape plc, the international provider of essential, non-mechanical industrial
services principally to the energy and mineral resources sectors announces that
it has been in discussion with FTSE regarding the reclassification of Cape as an
Oil Equipment & Services company, a description which Cape considers reflects
more accurately the weight of its business activity. The Company has been
informed that its shares are expected to be reclassified into the Oil Equipment
& Services sector with effect from 20th December 2010.

Additionally, as required by AIM Rule 17 and Schedule 2 Annex III, the Company
has updated information relating to directors of the Company on its website at:
http://www.capeplc.com/cape/pages/aboutus/ourboard

hylo - you will be pleased to know I've just taken my profits here!

'Energy services group represents a tempting acquisition target'
Check out the Investors Champion 'Tempting Stocks' commentary from 11th October
http://www.investorschampion.com/tempting-stocks

Brokers all have a BUY reco on it and little wonder with it being so cheap.

Forward P/E of just 8.4 going forward into 2011 derd cheap.

Cape PLC

FORECASTS 2010 2011
Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Panmure Gordon
17-11-10 BUY 67.30 40.50 12.50 73.60 44.10 13.80
W H Ireland Ltd
16-11-10 BUY 69.40 41.90 12.00 75.20 44.50 13.20
Arden Partners
15-11-10 BUY 68.35 40.40 12.00 74.65 43.80 13.15
Eden Group [A]
01-10-10 BUY
Collins Stewart
20-09-10 BUY 40.40 43.00
Numis Securities Ltd
08-09-10 BUY 67.10 40.30 12.00 72.40 43.30 12.80
Evolution Securities Ltd
08-09-10 BUY 67.00 43.70 71.00 46.30

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

Consensus 67.88 41.16 12.14 73.51 44.16 13.28

1 Month Change 0.02 -0.00 0.00 0.04 0.00 0.00
3 Month Change 2.83 1.48 5.27 2.41 0.83 5.45

Notes to forecasts
(07 Jul 10) A flag refers to outlook


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

Norm. EPS % % 7.29%
DPS % % 9.33%

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

EBITDA 6.00m 95.16m 99.73m

EBIT -12.70m m m

Dividend Yield % 3.27% 3.58%

Dividend Cover x 3.39x 3.33x

PER -46.35x 9.02x 8.40x

PEG f f 1.15f

Net Asset Value PS 46.71p p p

Fresh highs again today.

everyone a Buyer. its so cheap.

a 2011 fprward P/E of just over 8.

Cape PLC

FORECASTS 2010 2011

Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)
Panmure Gordon
09-12-10 BUY 67.30 40.50 12.50 73.60 44.10 13.80
Arden Partners
08-12-10 BUY 68.35 40.40 12.00 74.65 43.80 13.15
W H Ireland Ltd
08-12-10 BUY 69.40 41.90 12.00 75.20 44.50 13.20
Eden Group
01-10-10 BUY
Collins Stewart
20-09-10 BUY 40.40 43.00
Numis Securities Ltd
08-09-10 BUY 67.10 40.30 12.00 72.40 43.30 12.80
Evolution Securities Ltd
08-09-10 BUY 67.00 43.70 71.00 46.30

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

Consensus 67.89 41.15 12.14 73.53 44.16 13.28
1 Month Change 0.03 0.00 -0.00 0.05 0.00 0.00
3 Month Change 0.06 -0.05 0.02 0.16 -0.01 0.04


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

Norm. EPS % % 7.30%
DPS % % 9.35%

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

EBITDA 6.00m 95.19m 99.77m
EBIT -12.70m m m
Dividend Yield % 3.12% 3.42%
Dividend Cover x 3.39x 3.33x
PER -48.56x 9.45x 8.80x
PEG f f 1.21f
Net Asset Value PS 46.71p p p

Top performing Fund Manager Mark Slater has recently revealed his "5 Winners For 2011". These are all stocks in his existing MFM Slater Growth portfolio which produced a return of 82.7% in the year to the end of October, easily out performing the 17.6% by the FTSE All Share over the same period.

http://www.trustnet.com/Factsheets/Factsheet.aspx?fundCode=W...

His 5 winners include AIM listed CIU

CIU (cape)

I really like the look of this chart and see the pullback on tuesday as a positive development and can see the top of channel range being hit fairly quickly.

Derd cheap and brokers love it. Just look how cheap it is make no wonder the Slaters like this stock. Forward P/E of just 8.9 to 2011, its one of the CHEAPEST AND FASTEST GROWING COMPANYS ON THE LSE.

Cape PLC

FORECASTS 2010 2011
Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Panmure Gordon
16-12-10 BUY 67.30 40.50 12.50 73.60 44.10 13.80
Arden Partners
14-12-10 BUY 68.35 40.40 12.00 74.65 43.80 13.15
W H Ireland Ltd
10-12-10 BUY 69.40 41.90 12.00 75.20 44.50 13.20
Fyshe Horton Finney Ltd
25-11-10 BUY
Eden Group
01-10-10 BUY
Collins Stewart
20-09-10 BUY 40.40 43.00
Numis Securities Ltd
08-09-10 BUY 67.10 40.30 12.00 72.40 43.30 12.80
Evolution Securities Ltd
08-09-10 BUY 67.00 43.70 71.00 46.30

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

Consensus 67.92 41.12 12.15 73.61 44.15 13.30
1 Month Change 0.04 -0.03 0.01 0.11 -0.01 0.02
3 Month Change 0.08 -0.07 0.02 0.23 -0.02 0.05


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

Norm. EPS % % 7.36%
DPS % % 9.43%

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

EBITDA 6.00m 95.26m 99.90m
EBIT -12.70m m m
Dividend Yield % 3.08% 3.37%
Dividend Cover x 3.38x 3.32x
PER -49.34x 9.60x 8.95x
PEG f f 1.22f
Net Asset Value PS 46.71p p p

Trading Statement

Cape plc, the international provider of essential, non-mechanical industrial services principally to the energy and mineral resources sectors, is pleased to confirm that trading in the year to 31 December 2010 was in line with expectations.

As anticipated, the Group's overall activity and revenue levels have remained broadly consistent with the prior year. Cape has continued to benefit from its international footprint across strategically 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.

And.....

excelent news very significant for
CIU..........



Cash generation has again been strong with net debt expected to have halved in the year to less than 57m at the year end.



The Group is also pleased to announce that it has successfully refinanced its banking facilities on favourable terms through to June 2015. The new 220m syndicated credit facility with Lloyds Banking Group, Barclays Bank, National Australia Bank and HSBC, acting as joint mandated lead arrangers, provides Cape with a strong financial platform and the flexibility to support future growth.

Just look at this.... every Broker with a Buy reco.

Doesnt happen very often that. (from hemscott premium this morning)

Cape PLC

FORECASTS 2010 2011
Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Panmure Gordon
05-01-11 BUY 67.30 40.50 12.50 73.60 44.10 13.80
Numis Securities Ltd
04-01-11 BUY 68.80 41.00 4.00 71.20 43.60 12.00
Arden Partners
03-01-11 BUY 68.35 40.40 12.00 74.65 43.80 13.15
Shore Capital
31-12-10 BUY 67.20 40.50 12.00 70.60 43.60 13.50
W H Ireland Ltd
17-12-10 BUY 69.40 41.90 12.00 75.20 44.50 13.20
Fyshe Horton Finney Ltd
25-11-10 BUY
Eden Group
01-10-10 BUY
Collins Stewart
20-09-10 BUY 40.40 43.00
Evolution Securities Ltd
08-09-10 BUY 67.00 43.70 71.00 46.30

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

Consensus 68.06 41.00 10.12 72.58 43.98 13.08
1 Month Change 0.16 -0.15 -2.02 -0.95 -0.18 -0.19
3 Month Change 0.21 -0.19 -2.01 -0.83 -0.18 -0.16


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

Norm. EPS % % 7.27%
DPS % % 29.32%

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

EBITDA 6.00m 95.37m 100.12m
EBIT -12.70m m m
Dividend Yield 0.00% 2.45% 3.17%
Dividend Cover x 4.05x 3.36x
PER -51.53x 10.06x 9.38x
PEG f f 1.29f
Net Asset Value PS 46.71p p p


Forward P/E of just over 9 for this year ending
WAY TOO CHEAP.

Business as usual.

Update on Cape by GCI

Resource sector services specialist Cape says 2010's results will show a halving of debt and growth in the Far East and Pacific Rim. In a positive trading statement, the Uxbridge-based AIM business says trading for the year was 'in line with expectations' and indicates it expects to return to 'sustained organic revenue growth' in the second half of this year.

Cape lost 1.5 million 2009 after 74.2 million costs stemming from its past involvement with disease-generating asbestos, but analysts argue it has now made full provision for these liabilities. Steered by chief executive officer Martin Kay, the company, which for example has had a role in building all of Australia's liquid natural gas trains, says it is benefiting from an incipient increase in capital expenditure in the global energy sector.

Buoyant Far Eastern and Pacific Rim business helped offset lower activity in the Middle East, Gulf and UK last year, according to Cape, which says it generated enough cash to halve net debt to 57 million.The company has refinanced its banking facilities 'on favourable terms', with a new 220 million syndicated credit facility arranged by Lloyds Banking Group, Barclays, National Australia bank and others.

Analysts now expect pre-tax profits of more than 68 million for 2010, rising to 71 million this year and with 79 million on the cards for 2012. The shares have virtually doubled to 412.5p since Growth Company Investor's recommendation two years ago and now value the company at 482 million, for an undemanding price/earnings ratio of 10. The momentum should continue.

http://www.growthcompany.co.uk/news/1309978/cape-growth-helps-slash-debts.thtml
--------------------------------------------------------------------------------

Telegraph

Questor share tip: Cape is still undervalued despite gain

Cape
413p +1
Questor says BUY

http://www.telegraph.co.uk/finance/markets/questor/8244264/Questor-share-tip-Cape-is-still-undervalued-despite-gain.html

Cape looks to 'golden years' as trade improvesPremium Article ! Date: 06 January 2011
By Ros Snowdon City Editor

ENERGY services group Cape is confident about future trading as capital expenditure in the global energy sector picks up in the second half of the year.

Cape, which has its UK operations in Wakefield, said it expects a return to sustained organic revenue growth from the second half of 2011.

It added that trading in 2010 was in line with expectations and revenue levels have remained broadly consist
ADVERTISEMENTent with the previous year.

Cape provides a range of industrial services including access systems, insulation, painting, coatings, blasting, industrial cleaning, training and assessment to both industrial plant operators and major international engineering and construction companies.

The group has seen higher activity levels in the Far East and Pacific Rim region, which has offset the expected lower activity levels in the Gulf, Middle East and UK regions.

Cape added that it has refinanced its banking facilities on favourable terms through to June 2015. It said that the new 220m syndicated credit facility with Lloyds Banking Group, Barclays Bank, National Australia Bank and HSBC provides the company with a strong financial platform and the flexibility to support future growth.

Cape's shares rose 0.90p to 412.68p last night. The shares have rocketed since September when the group cheered shareholders with the first dividend payment in 10 years and outlined plans to move on to the main London market this year. The group, which is currently listed on AIM, reported a steep increase in first-half profits in the six months to the end of June, boosted by its Australian and Asian operations.

The company, which counts EDF, BP and National Grid among its customers, said adjusted pre-tax profits rose by 17.5 per cent to 35.5m for the first six months of 2010.

Cape anticipates a good first half in 2011 and substantial growth from then on.

Chief executive Martin May said recent large contract wins will boost results from this year onwards.

"I think it's from the second half of 2011 you're going to see a return to reasonably strong organic growth," he said. "I think 2012, 2013 and 2014 internationally will be golden years for Cape, given the investment that's going on in Australia, Asia and the Caspian."

Recent contract wins include a 22.5m deal to provide insulation works for a liquefied natural gas (LNG) project in Algeria. Work on the contract, awarded by Algerian company Snamprogetti Chiyoda, will start in the first quarter of this year with completion scheduled for the first half of 2012.

Cape has also won a 12m contract to provide thermal insulation works on a petrochemical project in Ruwais in Abu Dhabi

Analysts said the group is continuing to move forward and is benefiting from its broad geographic reach, pursuit of bundled services and keen management of costs.

They believe that the move onto the dividend list will spark interest in the shares. Cape said it would pay an interim dividend of 4p per share after a 10-year hiatus.

Cape said it would seek a move in the second quarter of 2011 to the main market of the London Stock Exchange. If the company was to move now it would become part of the midcap index.

Cape also said it would look to make selective acquisitions after it reduced net debt by 37.2 per cent to 95.1m from a year earlier.

The group is expected to make full-year pre-tax profits of around 64m.


New non-exec director named

Cape has appointed Michael Merton as a non-executive director with effect from January 10.

The group said that Mr Merton is a chartered accountant with significant experience in the international resources industry, having spent the majority of his executive career at Rio Tinto.

He held a number of senior operational roles around the world at Rio Tinto, including head of global business services from 2005 to 2009 and was a member of the executive committee.

He is currently a non-executive director of BlackRock Commodities Income Investment Trust plc, and a trustee of the Rio Tinto Pension Fund and the HALO Trust.


http://www.yorkshirepost.co.uk/businessnews/Cape-looks-to-39golden-years39.6682323.jp

Recent broker note a few have missed:

Date Broker name New Price Old price target New price target Broker change

12-Jan-11 Panmure Gordon Buy 467.00p 430.00p 550.00p Reiteration

550p SP target,

Brokers ALL backing it...

Cape PLC

FORECASTS 2010 2011
Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Panmure Gordon
14-01-11 BUY 67.30 40.50 12.50 73.60 44.10 13.80
Arden Partners
13-01-11 BUY 68.35 40.40 12.00 74.65 43.80 13.15
W H Ireland Ltd
11-01-11 BUY 69.40 41.90 12.00 75.20 44.50 13.20
Evolution Securities Ltd
10-01-11 BUY 67.90 44.30 12.00 71.00 46.30 13.50
Shore Capital
07-01-11 BUY 67.20 40.50 12.00 70.60 43.60 13.50
Numis Securities Ltd
06-01-11 BUY 68.80 41.00 4.00 71.20 43.60 12.00
Fyshe Horton Finney Ltd
25-11-10 BUY
Eden Group
01-10-10 BUY
Collins Stewart
20-09-10 BUY 40.40 43.00

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

Consensus 68.07 41.41 10.62 72.45 44.27 13.20
1 Month Change 0.15 0.29 -1.53 -1.16 0.12 -0.10
3 Month Change 0.21 0.23 -1.51 -0.98 0.11 -0.05


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

Norm. EPS % % 6.89%
DPS % % 24.33%

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

EBITDA 6.00m 94.16m 97.98m
EBIT -12.70m m m
Dividend Yield 0.00% 2.33% 2.90%
Dividend Cover x 3.90x 3.35x
PER -56.84x 10.99x 10.28x
PEG f f 1.49f
Net Asset Value PS 46.71p p p

JP Morgan < 5%