Cape Sees 2016 Results Ahead of Expectations

LONDON--Cape PLC (CIU.LN) said Friday that trading between Oct. 30 and July 4 has been in line with expectations and that it sees the full year results slightly ahead expectations.

The provider of industrial services to the energy and natural resources sectors said the better than expected full-year results were mainly driven by a better performance in the Asia Pacific business and foreign exchange rates.

"A strong performance in Asia Pacific offset lower demand and margin pressure in the U.K., and lower demand in the Middle East," the company said.

"Within the U.K., market conditions have continued to prove challenging," the company added.

The company also said Friday that Cape Intermediate Holdings has been granted leave to appeal on the majority of potential appeal issues the company had raised. Aviva PLC (AV.LN) was granted leave to cross-appeal, the company added.

Shares at 0815 GMT down 23.75 pence, or 13%, at 164 pence valuing the company at GBP199 million.

Write to Olga Cotaga at [e-mail], Twitter @OlgaCotaga

(END) Dow Jones Newswires

November 18, 2016 03:32 ET (08:32 GMT)

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