CSLT Cosalt

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RNS Number : 4296X

Cosalt PLC

07 February 2013

Cosalt plc

Update on Cosalt Wind Energy

Cosalt plc ("Cosalt") announces that accounts for Cosalt Wind Energy Limited ("CWE"), in which Cosalt has an 80 per cent interest, for the 23 weeks ended 31 October 2010 and the 61 weeks ended 31 December 2011 have been signed today.

During the period ended 31 December 2011 CWE's principal activity was the installation and service of wind turbines. For the period ended 31 October 2010, CWE reported sales of GBP483,082 and losses of GBP119,973, and for the period ended 31 December 2011 reported sales of GBP932,002 and losses of GBP503,221. As at 31 December 2011 CWE had net current liabilities of GBP623,094.

Since 31 December 2011, sales have reduced and CWE has continued to incur losses. As a result CWE is dependent on the financial support of its shareholders including Cosalt plc. As at 31 December 2011, CWE owed GBP632,882 to Cosalt plc and this has risen to approximately GBP812,000 at 31 December 2012. As outlined in the statement made by Cosalt earlier today, the financial position of the Cosalt Group, which includes CWE, remains uncertain and as a result the directors of CWE have decided that CWE should cease trading and have prepared the accounts for CWE on a non-going concern basis.

ENDS

Enquiries:

 
 Cosalt plc                       Tel: +44 (0) 1472 725560 
  Trevor Sands, Chief Executive 
  Officer 
 
   Cardew Group                                                         Tel: +44 (0) 207 930 0777 

Tim Robertson / Tom Horsman

This information is provided by RNS

The company news service from the London Stock Exchange

END

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