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Middle East offers some hope for battle-scarred Cape

"The short answer," says Cape (CIU) chief executive Joe Oatley when asked whether his company's oil and gas end markets are improving, "is no." As more than half of the critical industrial service provider's sales come from the sector, it's little wonder that half-year results look so painful. A double-digit increase in revenue was one of the few bright spots in a period where adjusted operating profits declined 25 per cent, leading to a 220 basis point margin contraction.

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