30 Apr 2009 12:20
Cosalt plc
("Cosalt" or the "Company")
AGM and Pre-Close Statement
Cosalt (www.cosalt.com), the leading provider of critical safety equipment and services for the Offshore Oil & Gas and Marine industries, held its Annual General Meeting today at which the Chairman, David Hobdey, made the following statement:
Current trading
The month-on-month volatility in demand reported in the Company's Interim Management Statement of 20 March 2009 continued in the second quarter with the result that in February and March trading was below our expectations. However, we have seen an improvement in April and recent new orders should ensure that this momentum will continue into the second half of the year, traditionally our stronger period of trading.
Board changes
Matthew Peacock and Rod Powell have offered their resignations as directors and will be stepping down from the Board at the conclusion of the Annual General Meeting.
The Board is grateful to Matthew and Rod and thanks them for their valuable contributions and support during the major restructuring process of the last few years and which has helped to bring focus to the Group's strategy.
Appointment of broker
The Board announces that Evolution Securities has been appointed as broker to the Company with immediate effect.
Outlook
The Company's goal is to become a major player in a multi-billion dollar market governed by strict regulatory obligations which underpin demand for services and provide good visibility for the Company's order book.
With a strengthened management team in place, the Company is now beginning to benefit from the restructuring process and the implementation of a more focused strategy. Your Board therefore remains confident that despite the volatile trading in the last few months, activity levels will improve over the second half of the year.
30 April 2009
ENQUIRIES:
| Cosalt plc | Tel: 01472 504 504 |
| Mark Lejman, Chief Executive | |
| Mike Reynolds, Finance Director | |
| College Hill | Tel: 020 7457 2020 |
| Mark Garraway | |
| Adam Aljewicz |