COSALT, which provides safety equipment and services to the offshore oil and gas and marine industries, said yesterday that trading in its first quarter to January 26 had been in line with its expectations.
It said that turnover during the period at Cosalt Marine had risen to £14million from £11.6million a year earlier.
Cosalt Offshore, which employs 400 at Bridge of Don, Aberdeen and also has operations at Lowestoft, Stavanger and Rotterdam, saw revenue for the period rise by 23% on the year before to £10million. The company said that, while the international offshore and marine industries were not wholly immune from global economic conditions, and it was seeing a degree of volatility in trading month-on-month, its activities were underpinned by legislative and regulatory drivers.
Cosalt added that net debt had increased in line with the seasonality of the business, which is weighted towards the second half.
It said this was consistent with management expectations and the group continued to operate within available banking facilities.