19th Mar 2008 07:00
Cosalt PLC19 March 2008 Cosalt plc ("Cosalt" or "the Group") Interim Management Statement Cosalt announces its first Interim Management Statement in respect of the periodfrom 29 October 2007 to 27 January 2008. Update on Trading In this first quarter ended 27 January 2008 turnover for the Group increased by32% on the comparable period in the previous year with an associated improvementin earnings before interest and taxation. As a result of the three successfulplacings last year the Group's balance sheet is also substantially strengthenedwhen compared to 28 January 2007 notwithstanding continued investment in growthopportunities across the Group's operations. The Board continues to be confident of further progress through the current yearin line with our expectations notwithstanding the broader economic environmentand its potential impact on our Holiday Homes division. As highlighted in ourpreliminary results announcement for the year ended 28 October 2007, our coremarine safety markets are robust and continue to benefit from good defensivequalities. Additionally this year we are benefiting from a full year'scontribution of accretive earnings from the Bofort, SSM and GTC acquisitions. Contract Wins GTC, our recent acquisition in Aberdeen, is expanding its reach to the Southernsector of the North Sea and has won new contracts with BP in Grimsby and withBHP. We have won a significant new client in Aberdeen, Apache, who have signeda five year contract and our long standing client, Sparrows, recently signed atwo year extension to their existing contract. In anticipation of the GTC acquisition, last year we designed a new professionallife jacket for the offshore industry called SeaCrewsader. We already haveconfirmed orders for SeaCrewsader life jackets for delivery this year withTalisman Energy, Marathon Oil, BHP and ExxonMobil. Board Changes Mr John Kelly steps down as chairman on 3rd June when Mr David Ross becomeschairman. Mr Yarom Ophir will be appointed a non-executive director as from 3rdJune and brings a wealth of experience with his family in shipping and the oilindustry. Mr Bill Wood, after 37 years service, retires from the board after the AGMtoday. 19 March 2008 ENQUIRIES:Cosalt plc Tel: 01472 504504Per Jonsson, Chief ExecutiveNeil Carrick, Finance DirectorCollege Hill Tel: 020 7457 2020Mark GarrawayAdam Aljewicz For further information, visit the Company website www.cosalt.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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