20 Mar 2009 07:00
Cosalt plc
("Cosalt" or the "Group")
Interim Management Statement
Cosalt (www.cosalt.com), the leading 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 27 October 2008 to 19 March 2009.
Trading during the first quarter to 26 January 2009 was in line with the Board's expectations. During the period, turnover rose in Cosalt Marine to £14.0m (Q1 2008: £11.6m). Cosalt Offshore saw revenue increase by 23% to £10.0m (Q1 2008: £8.1m) including the trading from the Norwegian acquisition, Myhre-Maritime.
Whilst the international offshore and marine industries are not wholly immune from the global economic conditions, and we are seeing a degree of volatility in trading month-on-month, our activities in these sectors, which are seasonally weighted to the second half, are underpinned by legislative and regulatory drivers and trading to date overall remains in line with our expectations.
Net debt has increased in line with the seasonality of the business. This is consistent with management's expectations and the Group continues to operate within its available banking facilities.
Cosalt is recognised as a leading European provider of critical safety equipment and services. The goal over the longer-term is to become a major player in a multi-billion dollar market underpinned by strict regulatory obligations which ensure robust demand for services and provide good visibility for the Group's order book.
The Group is benefiting from a strengthened management team, a successful restructuring process and a more focused strategy.
20 March 2009
ENQUIRIES:
| Cosalt plc | Tel: 01472 504504 |
| Mark Lejman, Chief Executive | |
| Mike Reynolds, Finance Director | |
| College Hill | Tel: 020 7457 2020 |
| Mark Garraway | |
| Adam Aljewicz |
For further information, visit the website www.cosalt.com