Ad
Thursday, March 13, 2025
6.6 C
London

U.K. Edition

Cape plc shares fall by 30% after profit warning

- Advertisement -

Cape's

Cape plc which provides scaffolding and industrial services for energy and oil companies across the globe saw it’s shares plunge after they announced today their third profit warning in 12 months.

The firm also announced today its chief financial officer Richard Bingham, had resigned with immediate effect and is expected to receive a contractual one-years pay-off.

The reason for the profit warnings comes after a downturn in work and lack of new projects in it’s onshore oil operation in Australia.

Cape are continuing an ongoing review of the onshore Australian business which would likely be complete before year-end.

According to the London Evening Standard Cape shares, which stood at 465p ahead of the November 2011 profit warning, crashed by a third today, falling 87p to a six-year low of 175p.

 By Daniel Norton

Let us know your thoughts on this story in the comments below

- Advertisement -

Popular this week >

Blenheim Palace Scaffolding Works Featured on ITV News

Blenheim Palace, one of the UK’s most treasured landmarks,...

Scaffolding Company Hit with £30,000 Fine Over Safety Lapses

A Merseyside scaffolding company has been fined £30,800 after...

CITB Unveils £1.15bn Investment Plan to Tackle Construction Skills Crisis

The Construction Industry Training Board (CITB) has announced a...

Rodells Scaffolding Files for Administration After 125 Years in Business

Rodells, a Hertfordshire-based scaffolding contractor with a history stretching...

Scaffolding Association Partners with Rightlease

The Scaffolding Association has announced a strategic partnership with...
- Advertisements -

Related Articles >

SafeWork NSW Targets Scaffold Safety in Major Crackdown

SafeWork NSW inspectors have kicked off a full-scale inspection blitz on scaffold safety at construction sites across New South Wales, Australia, as part of the new “Scaff Safe 2024” campaign. With Newcastle leading...

Latest Topics

Rodells Scaffolding Files for Administration After 125 Years in Business

Rodells, a Hertfordshire-based scaffolding contractor with a history stretching...

Scaffolding Association Partners with Rightlease

The Scaffolding Association has announced a strategic partnership with...

UPR Scaffolding Named ‘Subcontractor of the Year 2024’ at Eastern Housebuilder’s Winter Ball

Essex-based UPR Scaffolding has been awarded the prestigious’ Subcontractor...
- Advertisement -

Popular Categories