The information contained within this announcement is deemed
by the Company to constitute inside information under the Market
Abuse Regulation (EU) No. 596/2014. Upon the publication of this
announcement via a Regulatory Information Service ("RIS"), this
inside information is now considered to be in the public
domain
Tanfield Group
Plc
("Tanfield", or "the
Company")
Interim Results for the
six-month period to 30 June 2024
Tanfield, an investing company as
defined by AIM Rules, announces its half year results for the
period ending 30 June 2024. The unaudited financial information
will shortly be available on the Company website
at www.tanfieldgroup.com.
Background
·
Tanfield is a 49% shareholder in the equity of
Snorkel International Holdings LLC ("Snorkel") following
the joint venture between
the Company and Xtreme Manufacturing LLC ("Xtreme") (the
"Contemplated Transaction"), a company owned by Don Ahern of Ahern
Rentals Inc, relating to Snorkel, in
October 2013.
·
The Snorkel investment is
valued at £19.1m. The outcome of the US Proceedings
referenced below could have an impact on this valuation.
·
On 22 October 2019, the Company announced that it
had received a Summons and Complaint, filed in Nevada (the "US
Proceedings") by subsidiaries of Xtreme, relating to the
Contemplated Transaction.
·
The Company's loss in H1 2024 reduced slightly to
£97k (H1 2023: £154k), in part due to a reduction in operating
expenses, coupled with an increase in finance income.
Overview of investments
As announced on 7 August 2024, in
2023 Snorkel's sales increased by 11.8% to US$188.7m (2022:
US$168.8m), which amounted to an increase of US$19.9m.
Snorkel's EBITDA in 2023 also improved to a US$6.3 profit (2022:
US$13.8m loss), an improvement of some US$20.1m, slightly higher
than the value of the sales increase. Further information
relating to the recent performance of Snorkel can be found in the 7
August 2024 announcement.
The Company continues to focus on
the US Proceedings which are continuing, with a jury trial
currently expected to take place around the middle of 2025.
The Board continue to believe that a positive outcome
to those proceedings is possible. So far as it is necessary,
the Company will continue to vigorously defend its position whilst
continuing to seek advice.
Further updates will be provided to
Shareholders as and when appropriate.
For further information:
Tanfield Group Plc
0203 829 5000
Daryn
Robinson
Zeus Capital Limited- Nominated Advisor /
Broker
James Joyce / Andrew de
Andrade
0203 829 5000
|
STATEMENT OF COMPREHENSIVE INCOME
|
|
|
FOR THE SIX MONTHS ENDING 30 JUNE
2024
|
|
|
|
Six months
to
30 Jun 24
(unaudited)
|
Six months
to
30 Jun 23
(unaudited)
|
Year to
31 Dec
23
(audited)
|
|
|
|
£000's
|
£000's
|
£000's
|
|
|
|
|
|
|
|
|
Revenue
|
-
|
-
|
-
|
|
|
Staff costs
|
(79)
|
(77)
|
(190)
|
|
|
Other operating income
|
11
|
11
|
23
|
|
|
Other operating expenses
|
(116)
|
(140)
|
(287)
|
|
|
Loss from operations
|
(184)
|
(206)
|
(454)
|
|
|
Finance expense
|
-
|
-
|
-
|
|
|
Finance income
|
87
|
52
|
123
|
|
|
Loss before tax
|
(97)
|
(154)
|
(331)
|
|
|
Taxation
|
-
|
-
|
-
|
|
|
Loss & total comprehensive income for the period
attributable to equity shareholders
|
(97)
|
(154)
|
(331)
|
|
|
|
|
|
|
Loss per share
|
|
|
|
|
Basic and diluted (p)
|
(0.06)
|
(0.09)
|
(0.20)
|
|
BALANCE SHEET
|
|
AS AT 30 JUNE 2024
|
|
|
|
|
|
|
30 Jun 24
(unaudited)
|
30 Jun 23
(unaudited)
|
31 Dec 23
(audited)
|
|
|
|
|
|
£000's
|
£000's
|
£000's
|
|
|
Non-current assets
|
|
|
|
|
|
|
|
Non-current Investments
|
|
|
19,100
|
19,100
|
19,100
|
|
|
|
|
|
19,100
|
19,100
|
19,100
|
|
|
Current assets
|
|
|
|
|
|
|
|
Trade and other
receivables
|
|
|
79
|
53
|
58
|
|
|
Cash and cash equivalents
|
|
|
3,333
|
3,652
|
3,473
|
|
|
|
|
|
3,412
|
3,705
|
3,531
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
22,512
|
22,805
|
22,631
|
|
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
Trade and other payables
|
|
|
50
|
69
|
72
|
|
|
|
|
|
50
|
69
|
72
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
50
|
69
|
72
|
|
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
|
Share capital
|
|
|
8,145
|
8,145
|
8,145
|
|
|
Share premium
|
|
|
17,336
|
17,336
|
17,336
|
|
|
Special reserve
|
|
|
66,837
|
66,837
|
66,837
|
|
|
Merger reserve
|
|
|
1,534
|
1,534
|
1,534
|
|
|
Retained earnings
|
|
|
(71,390)
|
(71,116)
|
(71,293)
|
|
|
Total equity
|
|
|
22,462
|
22,736
|
22,559
|
|
|
|
|
|
|
|
|
|
|
Total equity and total liabilities
|
|
|
22,512
|
22,805
|
22,631
|
|