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Cosalt plans fund raising
MARINE safety group Cosalt slipped to a first-half pre-tax loss on exceptional costs and write-downs, and said it was scrapping its interim dividend to conserve cash, sending its shares down as much as 23 per cent.
The Grimsby-based company, which makes life jackets under its Crewsaver label, also said it was in a "well advanced" stage for an equity fundraising to bolster its balance sheet.
Cosalt, which declared an interim dividend of 6p per share for the first half ended April 27, 2008, said it intended to resume dividend payments following the equity fundraising.
Cosalt posted a pre-tax loss of 3.4m for the 27 weeks ended May 3, compared with a profit of 780,000 a year earlier. Revenue rose seven per cent to 52.85m.
Cosalt, which inspects and maintains life-saving equipment such as lifeboats on oil and gas rigs, said exceptional costs and write-downs amounted to 3.9m.
"Volatility in the oil price in the first half resulted in our key customers looking to save costs and defer projects and this impacted both our sales pricing and volumes," Cosalt said.
However, the company said the deferred orders were coming through in its traditionally strong second half.
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