Cape confident on annual targets, warns about volatility
Industrial services provider Cape remained confident of meeting its annual expectations after putting in a solid performance in the first quarter.
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The London-listed company said its overall trading had been in line with expectations, although the delay of key UK maintenance contracts resulted in a sluggish order intake, which led to an 8% decline from the previous quarter in the value of the order book to £686m.
After the end of the quarter, Cape signed contracts in the UK with oil giants ExxonMobil and BP, which "materially" increased its order book.
However, the group warned that short-term outlook remained mixed, although it expected demand for its services to increase in the long term, mainly in the Middle East and North Africa.
Cape shares were down 3.91% to 257.52p at 11:47 on Tuesday.