18 Mar 2010 07:00
Cosalt plc
("Cosalt" or "the Group")
Interim Management Statement
Cosalt (www.cosalt.com), the specialist provider of critical safety equipment and services for the Offshore Oil & Gas and Marine industries, announces its Interim Management Statement in respect of the period from 2 November 2009 to 18 March 2010.
Revenue in the four months to the end of February was slightly below that of the equivalent period in the previous year at £30 million (2009: £31 million). Having taken steps to reduce costs in response to the market environment, and with recent signs of some improvement in trading conditions, the Board's expectations for the full year remain unchanged.
The Group continues to maintain its focus on the management of working capital and is operating well within its available banking facilities and meeting its covenants.
Mark Lejman, Chief Executive of Cosalt Group plc, said:
"We reported in our preliminary results statement in early February 2010 that trading conditions in the early part of the year continued to be challenging. However, there is some evidence of improvement in the market and we continue to manage both costs and working capital carefully as we prepare for the seasonal uplift in trading which occurs in the summer months."
18 March 2010
ENQUIRIES:
| Cosalt plc | Tel: 01472 504504 |
| Mark Lejman, Chief Executive |
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| Mike Reynolds, Finance Director |
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| College Hill | Tel: 020 7457 2020 |
| Mark Garraway |
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| Adam Aljewicz |
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For further information, visit the website www.cosalt.com