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19 Oct 2011 07:39
Cosalt plc
(" Cosalt" or "the Group")
TRADING UPDATE
The Board of Cosalt announces that the Group's trading for the year to 31 December 2011 is expected to be significantly lower than the Board's previous expectations.
The delayed sale of the Marine division earlier in the year and the resulting pressure on cashflow has had an adverse effect on the margins of its Offshore Division (both in the UK and in Norway) and has also delayed the rollout of the South East contract in the Group's Workwear division. The Board has instigated a full review of the Group's operations and future funding requirements, which is ongoing.
The Group's lenders have been made aware of the position, although on the basis of the findings to date, the Group is not in breach of its banking covenants as tested at 30 September 2011. The Board will continue to update the market as necessary.
ENQUIRIES:
Cosalt PLC Mark Lejman, Chief Executive | Tel: +44 (0)1472 725560 |
Evolution Securities Limited | Tel: +44(0) 113 243 1619 |
Joanne Lake Peter Steel
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Cardew Group | |
Tim Robertson Sophie Leigh-Pemberton | Tel: +44(0) 207 930 0777 |
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