Cosalt grows for ninth year in a row

A FORTUITOUS change in the financial year-end enabled Grimsby mini-conglomerate Cosalt to claim its ninth successive year of profits growth. But profits per week fell 12% as the group shouldered the merger costs of acquiring workwear maker SEET, a move led by managing director Bill Wood and finance director Neil Carrick. Meanwhile, its caravan-making offshoot grappled with previous over-production.

Cosalt posted pre-tax profits of £6.11m for the 61 weeks to 28 October. It made £5.92m in the previous 52 weeks. It also revealed a current £4.97m deficit in its pension scheme, a hit which will appear in the balance sheet from October 2003 because of new accounting rules.

Nevertheless, it lifted the total dividend from 15.75p to 16.75p, saying it was well placed 'to maintain its record of growth'.

Chairman Gerry Camamile stands down in October and will be replaced by David Bolton.