Cape steady after revenue boost

Breezing along: A slight fall in profit has not taken the wind out of Cape's sails.

An 11.1% increase in full-year revenue to £722.5 million (US$1.14 billion) could not keep UK-based energy services company Cape’s profits after tax from slipping, down 5.5% to £49.7 million (US$78.5 million) for the 2011 calendar year.

Cape said the increased revenue, from 2010’s £650.1 million, was largely from organic growth but also included a positive impact from currency translation and the benefit of acquisitions, including Australian specialist marine corrosion protection business Shoreguard Marine.

The slight fall in post-tax profit, from 2010’s £52.6 million, came despite a slightly higher adjusted profit before tax, at £69.4 million in 2011 from £69.1 million.

In its announcement, Cape said the results included the full impact of one-off charges including a £4.1 million charge for a loss-making rig refurbishment contract in the UK.

Three of Cape's four geographic regions contributed to underlying revenue…

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