Cosalt preparing for the seasonal upturn

The Grimsby-based group, which started life in the 19th Century as The Great Grimsby Coal, Salt and Tanning Company, said its expectations for the full year remain unchanged. Its products include lifting gear and life jackets.

Cosalt said revenue in the four months to the end of February was 30m, compared to 31m a year earlier.

The group said it has reduced costs "in response to the market environment".

Cosalt added it is focusing on management of working capital and is operating "well within" its banking facilities and meeting its covenants.

Chief executive Mark Lejman said: "We reported in our preliminary results statement in early February 2010 that trading conditions in the early part of the year continued to be challenging.

"However, there is some evidence of improvement in the market and we continue to manage both costs and working capital carefully as we prepare for the seasonal uplift in trading which occurs in the summer months."