Energy service firm Cape said yesterday adjusted pre-tax profits fell by 65% to £23.8million last year but growth was expected in 2013.
Adjusted turnover from continuing operations rose to £749million, from £698million in 2011, with a 7% rise in the group’s UK turnover to £320million driven by expansion of its North Sea offshore operations.
Cape employs 21,000 people globally, including more than 1,100 people out of its offshore operations centre in Aberdeen
Chief executive Joe Oatley said the group had shrugged off a poor performance in its Australian business and at an Algerian gas project, and internal restructuring and a robust order book were a strong base for progress in 2013.
Analyst Michael O’Brien at investment bank Canaccord Genuity said: “We believe there is significant value in both the Middle Eastern and UK businesses, with strong market positions and attractive margins.”
Cape provides services such as specialist cleaning and insulation to the mining and energy industry.