UK: Cosalt to focus on marine, protective clothing
Schoolwear and safetywear maker Cosalt has swung to a pre-tax profit of GBP1.9m (US$3.7m) in the year to 29 October, compared to a loss of £841,000 last year.
Turnover was up 5.4% to £124m from £117.64m a year earlier.
The Grimsby-based company said it struggled against slow schoolwear, safetywear and protective clothing sales during the past year, but was buoyed by strong marine safety sales including immersion suits, lifejackets and buoyancy aids.
In the protective clothing division, turnover was up 2.2% to £18.8m, but the unit produced an operating loss of £500,000 against a profit of £570,000 the previous year.
However, chief executive Per Jonsson said the protective clothing division should become profitable again in 2008 after a restructuring this year - and the firm will now focus its energies on its marine safety and protective clothing divisions, including acquisitions in the UK and on the Continent.
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