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.

Final Results.

Highlights



Adjusted profit before tax(1) up 13.8% to 69.1m (2009: 60.7m) at AER (increase of 10.2% at CER)

Adjusted operating profit margin(2) improved to 12% (2009: 10.8%)

Adjusted diluted earnings per share(3) up 13.6% to 42.6p (2009: 37.5p)

Basic earnings per share increased to 42.6p (2009: (3.5)p)

Free cash flow(4) up 17.4% to 68.0m (2009: 57.9m) with operating cash conversion(5) of 103.1% (2009: 95.9%)

Balance sheet continues to strengthen, with net debt(6) halved to 52.9m (2009: 113.6m) and ratio of net debt to adjusted EBITDA(8) reducing to just 0.6 times (2009: 1.3 times)

Proposed final dividend of 8.0p per share (2009: nil) making a full year dividend of 12.0p (2009: nil)

On track for return to London Stock Exchange Main Market in Q2 2011

Forthcoming appointment of Tim Eggar as Cape's new non-executive Chairman(18)

6% growth in order book with over 63% of consensus 2011 revenues(9) now secured

Lovely SP rise this morning. Flogged a few and left the rest in for free.

12 month high today and 1 range in the last week.

Cape off and running today.

Interim Management Statement.

Trading

The Group is pleased to confirm that overall trading has been in line with the Board's expectations, with activity levels and operating margins consistent with the same period in the prior year. Regional/segmental activity levels were as anticipated, with the CIS/Mediterranean & North Africa region and Far East/Pacific Rim region both ahead of the same period in 2010, offsetting the continued lower activity levels in the Gulf/Middle East region.

Corporate expenses

As expected, GBP3.5m of non-recurring corporate charges have been incurred in the year to date comprising GBP2m in relation to the move from AIM to the LSE's main market and the corporate restructuring involving a new Jersey-incorporated Group holding company (announced with the preliminary results on 2 March 2011) and a GBP1.5m charge representing the unamortised facility fees arising on the early cancellation of the Group's 2007 syndicated bank facility.

Financial position

There have been no significant changes to the financial position of the Group since the publication of its preliminary results for the financial year ended 31 December 2010 on 2 March 2011. As announced on 6 January 2011, the Group's new GBP220m bank facility through to June 2015 provides a strong financial platform and the flexibility to support future growth.

Chairman

As announced on 3 May 2011, Tim Eggar, former Minister for Energy, was appointed Non-Executive Chairman on 1 May 2011.

Excellent start today.

Clearly way undervalued is CIU forward P/E of just over 10 to 2012. P/E at moment 11.3 sector average 17.4 Way way way too cheap.......

Cape PLC

FORECASTS 2011 2012
Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Arden Partners
31-05-11 BUY 74.65 44.90 13.20 83.30 50.40 14.80
Altium Securities
25-05-11 BUY 73.70 45.70 13.20 83.90 52.60 14.50
Panmure Gordon
25-05-11 HOLD 72.70 45.00 13.80 76.60 47.60 15.10
Shore Capital
20-05-11 BUY 70.60 43.60 13.50 79.00 49.00 15.00
Investec Securities
17-05-11 BUY 65.54 43.77 13.13 75.52 50.30 14.08
Evolution Securities Ltd
16-05-11 ADD 71.00 45.53 81.00 52.19
Numis Securities Ltd
16-05-11 BUY 72.40 44.50 12.00 80.90 50.00 12.00
Eden Group
07-04-11 TPR
W H Ireland Ltd
02-02-11 BUY 75.20 44.50 13.20 85.50 51.10 14.50
Fyshe Horton Finney Ltd
25-11-10 BUY

2011 2012
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p
)
Consensus 71.39 44.70 13.11 80.00 50.34 14.19
1 Month Change -1.37 -0.16 -0.12 -0.81 0.24 -0.21
3 Month Change -1.08 0.42 -0.13 0.35 0.88 0.19


GROWTH
2010 (A) 2011 (E) 2012 (E)

Norm. EPS % 9.62% 12.62%
DPS % 227.80% 8.23%

INVESTMENT RATIOS
2010 (A) 2011 (E) 2012 (E)

EBITDA 92.10m 99.95m 107.66m
EBIT 72.10m m m
Dividend Yield 0.75% 2.46% 2.66%
Dividend Cover 10.20x 3.41x 3.55x
PER 13.09x 11.94x 10.61x
PEG f 1.24f 0.84f
Net Asset Value PS 102.89p 302.10p 338.80p

Blackrock & Deutsche Bank both reduced holdings.

RNS Number : 6112I

Cape plc

17 June 2011

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN.

CAPE PLC

ESTABLISHMENT OF NEW UK LISTED HOLDING COMPANY

Scheme of Arrangement becomes effective

Further to the announcement by Cape plc ("Old Cape") on 16 June 2011, Old Cape is pleased to announce that the Court Order sanctioning the scheme of arrangement under Part 26 of the Companies Act 2006 (the "Scheme") and associated reduction of the capital of Old Cape (the "Reduction of Capital") was delivered to the Registrar of Companies in England and Wales this morning.

The Scheme and the Reduction of Capital therefore became effective earlier today, as a result of which the total issued ordinary share capital of New Cape is 117,989,740 ordinary shares of 25p each ("New Cape Shares") and 1 scheme share of GBP1 (issued to The Law Debenture Trust Corporation p.l.c.).

The remainder of the expected timetable for the Scheme is as follows:-

Friday, 17 June 2011 Credit of New Cape Shares in uncertificated form to CREST accounts

2.30 p.m. on Thursday, 30 June 2011 Jersey Court hearing to confirm New Cape Reduction of Capital

Friday, 1 July 2011 New Cape Reduction of Capital becomes effective

By Friday, 1 July 2011 Despatch of share certificates in respect of New Cape Shares in certificated form

Unless otherwise stated, all references to times in this announcement are to London time. The times and dates given are based on the Directors' current expectations and may be subject to change.

Unless the context otherwise requires, terms defined in the Scheme Circular dated 9 May 2011 have the same meaning in this announcement.

RNS Number : 5967I

Cape plc

17 June 2011

Embargoed: 0705hrs 17 June 2011

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN.

This announcement is not a prospectus. This announcement does not constitute or form part of, and should not be construed as, any offer or invitation to sell, issue, purchase or subscribe for, or any solicitation of any offer to sell, issue, purchase or subscribe for, any shares in the Company or securities in any other entity nor shall it, or any part of it, or the fact of its distribution, form the basis of, or be relied on in connection with, any contract or investment decision in relation thereto. This announcement does not constitute a recommendation regarding any securities.

Any investment decision must be made exclusively on the basis of the final prospectus published by Cape and any supplement thereto (the "Prospectus"). Particular regard should be given to the "Risk Factors" section of the Prospectus before a decision to invest is made. A copy of the Prospectus has been submitted to the National Storage Mechanism and will be available for inspection at: www.Hemscott.com/nsm.do

Cape plc

("Cape" or the "Group")

First Day of Dealings on Main Market of the London Stock Exchange

Cape plc, the international provider of essential, non-mechanical services to the energy and mineral resources sectors, is pleased to announce that its shares will today be admitted to trading on the main market of the London Stock Exchange ("Admission") in the Oil Equipment & Services sector. Trading in Cape's shares commences at 8.00a.m. today.

Cape's Admission marks one of the largest transfers of a company from AIM to the main market in recent years and the return of its shares after eight transformational years on AIM. During such time Cape has developed a market leading footprint across the globe, providing bundled services to the energy markets of the Far East/Pacific Rim, Gulf/Middle East, CIS/North African and the UK. The Group has grown adjusted diluted earnings per share by over 500% since its shares moved off the main market in January 2003 and returns as a dividend paying stock once again, with net debt of just 0.6 times EBITDA.

Martin May, Chief Executive, commented,

"I am very proud to return Cape to the main market, having delivered another set of record results the business is in great shape. Looking forward into 2012 we are poised for another period of sustained growth as we enter a new up-cycle for our construction support services, particularly downstream Gulf/Middle East and gas/LNG in the Far East/Pacific Rim. This situation would not have been possible without the rejuvenation of the Cape business, through the efforts of the great team we have at Cape, our 18,000 people in 29 countries, who have earned a reputation for outstanding safety and on time delivery."

BRIEF-RESEARCH ALERT-Evolution Securities raises Cape price target
07 Jul 2011 - 08:08

July 7 (Reuters) - Cape PLC :

* Evolution Securities raises Cape PLC price target to 600P from 550P ENDS

A rather miserly upgrade but an upgrade all the same. Im expecting more broker upgrades in the next 2 days.

Oil and Gas Corporate News
Thursday, Jul 07 2011 by Fox Davies Capital
http://bit.ly/qRQc9t

Cape (LON:CIU) plc (HOLD) (CIU, 571.50p, ▲ 0.26%) issued a trading update for the first six months of 2011. In line with previous guidance, the company anticipates that revenues in the first half will be broadly similar to last year, with growth expected to recommence throughout the second half and beyond, as demand for construction support services increases. As anticipated, on a regional basis in the first half, Far East/Pacific Rim business continues to perform well and the company expect revenues to grow by around 18%. Revenues in the CIS/Mediterranean & North Africa business are expected will grow by around 30%. Growth in these two regions is expected to offset lower activity levels in the Gulf/Middle East region where revenues are expected to reduce by c18%. Regional operating margins in the first half are expected to be at similar levels to last year on an underlying basis other than in the Far East/Pacific Rim region, where they are expected to continue to strengthen.

This is an encouraging update from Cape, who has been one of the best price performers in the sector this year. The maintenance of margins and offsetting of revenue reductions in the Gulf/Middle East by growth in other areas is very encouraging, and the company remains undervalued relative to the sector. However, we await further confirmation of the deliverance of strategic objectives and strategies before becoming more positive

Cape looks forward with confidence
7th July 2011

By Rachel Covill - Business Correspondent
INDUSTRIAL services group Cape said today it expects growth in the second half of the year to recommence as demand for construction support services increases.

This morning, the company said it anticipates that revenues for the half year to June will be similar to last year and said its Far East/Pacific Rim business continued to perform well, expecting revenues to grow by 18%.

Revenues in the CIS/Mediterranean and North Africa business will grow 30%, Cape predicted.

It said that the growth in these two regions is expected to offset lower activity levels in the Gulf/Middle East region where revenues are expected to dip by around 18%.

Around 3.5m of non-recurring corporate charges were incurred in the period, comprising 2m for its move from AIM to the London Stock Exchanges main market and the corporate restructuring involving a new Jersey-incorporated group holding company.

A 1.5m charge representing the unamortised facility fees from the early cancellation of its 2007 syndicated bank facility was also incurred.

Cape, which has a number of operations in Yorkshire, said: The group is in a strong financial position. We expect net debt at the end of June to increase to c. 76m reflecting the usual seasonal working capital outflows, higher levels of capex as we invest in growth, and the reintroduced dividend payment.

Our business model inherently provides us with high levels of revenue visibility and the board confidently expects a return to revenue growth in-line with our double-digit target range in the second half.

http://www.thebusinessdesk.com/yorkshire/news/189949-cape-looks-forward-with-confidence.html?utm_source=newsletter&utm_medium=email&utm_campaign=Yorkshire_7th_Jul_2011_-_Daily_E-mail

And business as usual.

Forward P/E of just over 11 to 2012 is way too cheap compared to peers. CIU is very cheap imo.

Cape PLC

FORECASTS 2011 2012
Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Altium Securities
07-07-11 BUY 73.70 45.70 13.20 83.90 52.60 14.50
Numis Securities Ltd
07-07-11 BUY 68.80 44.50 12.00 84.20 53.00 12.00
Arden Partners
06-07-11 BUY 74.65 44.90 13.20 83.30 50.40 14.80
Panmure Gordon
06-07-11 HOLD 72.70 45.00 13.80 76.60 47.60 15.10
Shore Capital
01-07-11 BUY 70.60 43.60 13.50 79.00 49.00 15.00
Investec Securities
01-07-11 BUY 65.54 43.77 13.13 75.52 50.30 14.08
Evolution Securities Ltd
16-05-11 ADD 71.00 45.53 81.00 52.19
Eden Group
07-04-11 TPR
W H Ireland Ltd
02-02-11 BUY 75.20 44.50 13.20 85.50 51.10 14.50

2011 2012
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Consensus 70.71 44.68 13.06 80.58 50.86 14.10
1 Month Change -0.70 -0.02 -0.05 0.60 0.54 -0.11
3 Month Change -2.17 -0.28 -0.10 -0.37 0.65 -0.16


GROWTH
2010 (A) 2011 (E) 2012 (E)

Norm. EPS % 9.55% 13.85%
DPS % 226.62% 7.88%

INVESTMENT RATIOS
2010 (A) 2011 (E) 2012 (E)

EBITDA 92.10m 98.91m 108.74m
EBIT 72.10m 76.00m 86.00m
Dividend Yield 0.70% 2.27% 2.45%
Dividend Cover 10.20x 3.42x 3.61x
PER 14.09x 12.86x 11.30x
PEG f 1.35f 0.82f
Net Asset Value PS 102.89p 302.10p 338.80p

Excelent looking chart...

In auction +10.1% :-)

Got some yesterday for my bargain bucket portfolio.

Good rise today - no direct interests in Libia, although they have interests in North Africa.

Half Yearly Report.

Highlights

-- Solid operational performance with continued strong execution and margin capture

-- Adjusted Profit Before Tax of GBP34.0m (2010: GBP35.5m)

-- Adjusted diluted earnings per share of 20.9p (2010: 21.0p)

-- Strong performances in Far East/Pacific Rim and CIS/Mediterranean and North Africa regions offsetting anticipated lower activity levels in Gulf/Middle East region

-- Admission to the London Stock Exchange Main Market in June 2011 with anticipated entry to the FTSE 250 index in September

-- Interim dividend of 4.5p per share (2010: 4.0p)

-- Firm order book at 30 June consistent with prior year levels with over 91% of consensus Full Year 2011 revenues secured (2010: 90%)

-- Investment underway to facilitate growth in H2 and beyond

-- As expected, momentum is building on a number of key areas/projects indicating we are entering a sustained period of demand growth for Cape's services

Commenting on the results, Tim Eggar, Chairman of Cape said:

"Cape has an unique combination of capabilities and competences and an outstanding safety performance. We are therefore ideally positioned to benefit from the upturn in demand for our construction support services which is driven by the forecast increased capital spending in our sector and the global demand for energy. We are on track to deliver full year results in line with the Board's expectations."

Commenting on the results, Martin K May, Chief Executive of Cape said:

"Once again Cape delivered a solid first half performance based on continued superior execution and margin capture. In overall terms revenue was in line with our plan and with our high levels of revenue visibility, we confidently expect a return to revenue growth in-line with our double digit target range in the second half.

With Cape's late cycle positioning we enjoy excellent visibility of contract pipelines and we see momentum building. The increases in industry capex with a raft of major project starts and approvals in our key geographies give me confidence that Cape is very well positioned to achieve our organic growth targets. We've also completed two bolt-on acquisitions and entered three new territories so far this year and we see an increasing list of opportunities in our key markets."