Trading in the shares of Cosalt, the cash-strapped Lincolnshire based company which provides life jackets and safety harnesses for the oil and gas industry, has been suspended as it has missed the deadline for publishing its annual results for 2011. At the moment the group is preoccupied with talks with its Chairman David Ross and the group's pension trustees about a long-term financing solution that will provide sufficient working capital for the company to carry on trading.
Security systems provider Westminster Group has signed a 10-year franchise agreement with investors in Nigeria. The agreement is worth £1.7m in franchise fees over the 10-year period. The Westminster franchise in Nigeria will be fully supported by Westminster UK, with Westminster providing the Managing Director for the business. It is anticipated that there will be offices in several key cities and states in the near future with all the technical and administrative support services required, creating a strong presence throughout the country. This infrastructure will be funded by the franchisee.
Mobile communication devices content provider Mobile Streams had a strong March, with revenues growing strongly from February's levels. The company said it expects to book a one-off revenue boost of £1.7m this financial year relating to bonus payments received from customers in Argentina. The increased revenue will feed through to provide additional pre-tax profits of around £0.59m. The group said it is still not in a position to provide an update the effect of the recent introduction of currency control rules in Argentina, which will limit the company's ability to withdraw funds from the country, where a large percentage of the group's cash is located.
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