CSLT.L Share News (CSLT)

Cosalt appointed a new management team as half year losses nearly tripled and challenging trading continues.The group, which provides lifting services in the UK and Norwegian sectors of the North Sea, named Trevor Sands as chief executive officer and Dolores Douglas as chief financial officer. Trevor will replace Mark Lejman, who has agreed to step down following the sale of the Marine business. Trevor will join on 27 October 2011 while Dolores joins in September.The financially troubled provider of safety equipment to the oil industry said pre-tax losses widened to almost £10m for the six months ended 30 June 2011 from a loss of £3.3m for the 26 weeks ended 2 May in 2010. Revenue rose to £20.9m from £20.1m in 2010.Special items from continuing operations were £6.7m: £3.6m are non-cash relating to a write down in property values and impairment of goodwill, the balance are re-structuring, amortisation of intangibles, refinancing and litigation costs. The group, which completed the £31m sale of the Marine division to Survitec on 26 August 2011, beleives the disposal will enable it to make a fresh start. "Trading in our continuing businesses since the period end has been satisfactory, with volumes in all three operations improving. The disposal of the Marine division has enabled the group to reduce its borrowings to a manageable level and remove the cash constraints in the short-term under which the Group has operated in recent times," Cosalt said in a trading statement."Whilst we need to address the trading issues facing the business, the core business of providing offshore services is sound and I believe we have secured the right team with which to build this business back up," it added.Group borrowings fell from £32m at 30 June 2011 to £7m during September 2011.CJ