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Cape falls after profit warning
SHARES in industrials services provider Cape plunged yesterday after the company said it was unlikely to meet its previous expectations for the full year – its second profit warning in as many months – citing a decline in performance at its onshore business unit in Australia.
The FTSE-250 company’s shares plunged 35.5 per cent to 187.05p, their lowest level in over three years.
Cape, which named Joe Oatley chief executive in May following a warning that profit would be hit as a result of losses on a key project in Algeria, said it had begun a review of the region’s business structure and an initial overhead cost cut plan had been implemented.