15th Oct 2008 10:10
For immediate release: 15 October 2008
Cape PLC("Cape" or the "Group")
Update Re. Net Debt
The board of Cape PLC (AIM: CIU), the international provider of essential support services to the energy and natural resources sectors, wishes to update the market on its net debt position as of 30 September 2008.
Net debt excluding restricted cash balances at 30 September amounted to £174.9 million (30 June: £199.2 million). Net debt includes finance leases of £21.8 million (30 June: £23.1 million).
The board is pleased to confirm that net debt, excluding restricted cash and finance leases, of £153.1 million (30 June: £176.1 million) is in line with management expectations and compares with committed bank facilities excluding finance leases of £200.0 million (30 June: £220.0 million).
The Group has not accessed any other debt facilities during 2008.
The board of Cape would also like to confirm that the Group is on track to reduce net debt, excluding restricted cash, by approximately £30 million over the full financial year to 31 December 2008 to £160 million - £165 million (31 December 2007: £189.2 million). Looking further ahead to the end of 2009, the board is committed to further substantial reductions in Group debt.
Enquiries:
Cape PLC
Martin K May, Chief Executive Officer
Richard Bingham, Chief Financial Officer
Tel. +44 (0)20 3178 5498
Numis Securities Limited
Nominated Adviser: John Harrison, Managing Director Corporate Finance
Corporate Broker: James Serjeant, Director Corporate Broking
Tel. +44 (0)20 7260 1000
Merrill Lynch International
Andrew Tusa, Director Corporate Broking Europe
Tel. +44 (0)20 7628 1000
M: Communications
Patrick d'Ancona or Ben Simons
Tel. +44 (0)20 7153 1530
Notes to Editors
Cape, which is listed on AIM (CIU), specialises in the provision of access scaffolding, insulation, fire protection, specialist cleaning and other essential services throughout asset life-cycles for major industrial clients in the international energy and natural resources sectors
Cape employs c.14,000 people in 30 countries worldwide with its four main markets being the UK, Gulf/Middle East, CIS States/Caspian (including Sakhalin Island) and the Far East/ Pacific Rim
In the year ended 31 December 2007, Cape reported turnover of £428.8 million
Cape is also set to benefit from several acquisitions completed in 2007, especially in the important Australasian region where three companies with an annualised turnover of c. £125 million have been acquired
Related Shares:
CIU.L