Legal settlement and orders breed Cape's optimism

Legal settlement and orders breed Cape's optimism

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.

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