Cosalt reports lower revenues

The Grimsby-based group said key customers in the North Sea remain cautious and revenues for the four months to the end of August were down from 35.7m to 32.5m.

The group has reduced its cost base to a level more commensurate with current activity levels

Sales of work wear equipment within the Marine Division have continued at a lower level than the previous year.

In July the group created a new company, Cosalt Wind Energy Limited, a joint venture with APRO. Cosalt Wind Energy has entered into a framework agreement with Siemens, and has already supplied a number of specialist engineers for various projects.

The group has also won a new framework contract worth in excess of 30m over eight years for the supply of Personal Protective Equipment and associated services to 12 Fire and Rescue Services in South East England.

As a result of this contract, Cosalt will provide services to approximately 46 per cent of all the Fire and Rescue Services in the UK, giving the group clear market leadership in this sector.