Cape in profit warning as finance chief exits Cape, which provides insulation, painting, coatings, and industrial cleaning services to plant operators in the energy and mining sectors, issued several profit warnings in August citing a lack of new projects in Australia. The Singapore-based company said on Monday that a further downturn in current trading in its onshore Australian business and a number of legacy issues hurt its operating margin. An ongoing review of the onshore Australian business would likely be complete before year-end, the company said. Cape noted that last month, the group recognised a £1.5m provision in the Gulf and Middle East region relating to a potential bad debt with a customer in the Kingdom of Saudi Arabia reported to be in financial difficulty. "This potential bad debt is not deemed reflective of a structural change in the region," Cape added. Cape's revenue rose 6pc for the quarter ended September 30, driven by increased demand in the Commonwealth of Independent States and the Middle East. Shares in Cape sank 26pc to 193.75p in morning trading on Monday.