Grimsby company defies downturn
dinsdag, 22 september 2009
Yorkshire-based marine safety company Cosalt has revealed steady trading despite the economic downturn.
The group said its third-quarter revenues remained at last year's level of £15.5 million, although its offshore arm saw an increase of 28% to £12.5 million after a number of additional contracts were secured.
These deals included a three-year contract with BP, valued at up to £4.5 million each year - to supply all lifting equipment in the North Sea - and a three-year extension to its existing deal with CNR for lifting and inspection services.
A company statement said the firm had received the £17.1 million raised during its recent share placing "which had enabled it to reduce net indebtedness and achieve a more stable, long term funding structure".
"The board is confident of the long term prospects for Cosalt and believes the group is well placed to take advantage of both specific opportunities in its offshore and marine markets and a general upturn in economic activity," the statement added.
Copyright © Press Association 2009