The proposed merger of Wood Group and Amec Foster Wheeler may have consumed oil services industry chatter in recent days, but this was also a big week for junior peer Cape (CIU). Despite a weak domestic market, strong orders from Asia Pacific and Middle East clients meant full-year earnings came in ahead of market expectations. And, while revenue and cash flow were slightly flattered by £10m to £15m of fortuitously-timed payments in December, a robust order intake of £850m was buttressed by management optimism about UK orders and downstream project commissions.
To continue reading, register today
to enjoy limited access to the following:
- Daily trading news
- Funds coverage
- Features on big investment themes
- Comprehensive companies coverage
- Economic analysis