Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

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We store and use information you provide as follows:

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We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

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You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


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If you want more information or have any questions or comments relating to our privacy policy please email in the first instance.

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Cape plc (CIU)

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Friday 25 May, 2012

Cape plc

Algeria Contract Update

RNS Number : 0832E
Cape plc
25 May 2012

Embargoed: 0700hrs 25 May 2012



Cape plc

("Cape" or the "Company")

Algeria Contract Update

Cape plc, the international provider of essential, non-mechanical support services principally to the energy and mineral resources sectors, today provides an update on its GL3-Z LNG project in Arzew in Algeria ("Arzew Project").

The contract, awarded to Cape in 2010 by Snamprogetti Chiyoda s.a.s. di Saipem S.p.A., is for the provision of the total insulation works for the Sonatrach GL3-Z LNG Project.  Based on the results of a review in February 2012, and as indicated in the Company's 2011 results announcement in March 2012, the timing of the work releases on the Arzew Project had been slower than expected with revenues in 2011 less than one-third of planned levels. With the mechanical completion date being unchanged, it was also explained that it had been necessary to significantly increase our manpower on the project.

A further project review was held in mid-April during which no material concerns were highlighted by the project team. Given the size, location and management of the project, Acting CEO Brendan Connolly deemed it appropriate to conduct an operational audit in mid-May. This further review has identified additional costs arising within the Arzew Project, which as a result is currently projected to produce a significant loss. The Board has instigated a plan to mitigate the potential losses on the Arzew Project including the injection of a new project team, the introduction of additional skilled workforce and the rigorous application of Cape processes. However, based on the latest available estimates, Cape intends to recognise a one-off charge of £14 million in respect of current and estimated future losses on the contract, which will be charged in the Interim Accounts for the six months ending 30 June 2012.

The Company now anticipates that its profit before tax for the full year ending 31 December 2012 will be reduced by the above one-off charge. Cape reiterates its previously issued guidance for revenues for the full year ending 31 December 2012, which is unchanged.

- Ends -



Cape plc

Brendan Connolly, Acting Chief Executive +44 (0)20 3178 5498

Richard Bingham, Chief Financial Officer


M: Communications

Patrick d'Ancona +44 (0)20 7920 2347

Ben Simons +44 (0)20 7920 2340



About Cape:

Cape plc (, which is listed on the main market of the London Stock Exchange, provides a range of non-mechanical industrial services including access systems, insulation, painting, coatings, blasting, industrial cleaning, training and assessment to both industrial plant operators and major international engineering and construction companies.

As a single source provider, Cape is able to provide a range of specialist multi-disciplinary services specifically tailored to meet the needs of the client providing the most intelligent and cost efficient solutions for our customers' non-mechanical in-plant maintenance and capital needs.

In the year ended 31 December 2011, Cape reported revenues of £722.5 million. With scale and leading market positions across its international footprint, Cape employs over 19,000 people in 30 countries.

This information is provided by RNS
The company news service from the London Stock Exchange