LONDON (Dow Jones)--Cosalt PLC (CSLT.LN), a provider of critical safety equipment and services for the Offshore Oil and Gas and Marine industries, said Tuesday that for the 26 weeks ended May 2, it made a pretax loss of GBP1.5 million on revenue of GBP48.3 million. MAIN FACTS: -Revenue GBP48.3 million (2009: GBP52.8 million) reflecting current caution across the U.K. Oil and Gas sector -Operating margins, excluding special items, improved to 4.8% (2009: 4.4%) showing the benefit of management actions taken in 2009 -Operating profit, excluding special items, GBP2.3 million (2009: GBP1.5 million) -Pretax, pre-items profit GBP1.0 million (2009: GBP0.5 million) -Pension deficit reduced by GBP1 million to GBP10.5 million and ongoing dialogue with Trustees expected to lead to further reduction -Net debt GBP20 million (2009: GBP33 million) -Trading traditionally stronger in the second half -The Offshore division particularly in the U.K. North Sea continued to see reduced spend by its clients on capital projects affecting volumes. -EBITDA of GBP3.7 million before special items (2009: GBP4.0 million) -Special items include GBP1.3 million of non-cash costs, being the amortization of intangible assets and GBP1.2 million of one-off costs. -Operating loss GBP44,000 (2009: loss GBP0.1 million) -Pretax loss GBP1.5 million (2009: loss GBP3.4 million) -Earnings per share, excluding exceptional items, 0.17 pence (2009: 0.41 pence) -Loss per share 0.31 pence (2009: loss 3.47) -Not recommended an interim dividend -Priority remains one of consolidation and driving growth -Shares closed Monday at 6.4 pence. -By Iain Packham, Dow Jones Newswires; 44-20-7842-9269; iain.packham@dowjones.com Order free Annual Report for Cosalt PLC Visit http://djnweurope.ar.wilink.com/?ticker=GB0002265055 or call +44 (0)208 391 6028 (END) Dow Jones Newswires June 29, 2010 02:19 ET (06:19 GMT)