Cosalt upbeat despite dip in revenues

In an interim management statement today, the Grimsby-based group said revenues in the four months to the end of February were 30m, compared to 31m over the same period the previous year.

The company said it had taken steps to reduce costs and this, combined with improvements in trading conditions, meant its forecast for the full year remained unchanged.

Cosalt said it continued to focus on managing working capital and was operating "well within" its available banking facilities and meeting its covenants.

Mark Lejman, Cosalt's chief executive, 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."

Last November Cosalt announced its annual turnover had risen 2.6 per cent to 107.8m but pre-tax profits fell by 24 per cent to 5.49m.