Tanfield, which owns 49% of Snorkel, reported sales increased 30% for the AWP manufacturer during 2015, compared with 2014.
This followed an investment of $70million since majority owner of Snorkel, the Ahern group of families, acquired the majority share in 2013.
Tanfield also estimated the value of its 49% share of Snorkel at £36.3m ($60.1m). If Ahern’s 51% share of Snorkel is added, based on Tanfield’s estimates, the total value would stand at UK74.1 million ($81.96million).
The statement from Tanfield added that in March 2016, Ahern Deutschland opened its €1.1 million headquarters along with new regional sales appointments, which underpins its ambition and drive to increase European market penetration.
“Snorkel continues to operate in an aggressive market where competitors are also targeting increased market share but there is no reason why the progress made to date should not continue to be made into the future. The board believes Mr Don Ahern, the owner of Extreme and Ahern Rentals and 51% beneficial owner of Snorkel, remains fully committed to Snorkel and has a strong desire to continue to grow and improve the business,” said the statement.
Tanfield also announced that it had written off its share of Smith Electric Vehicle holding. Jon Pither, chairman of Tanfield, said, “During the year we have continued to monitor the progress of both investments closely. The board feels that some progress has been made towards a realisation in value of the investment in Snorkel following further growth in 2015. The board does not feel that sufficient progress was made by Smith and, following a review of the investment in Smith, decided to impair the investment to a nil value.”
Tanfield, which describes its interests in Snorkel and Smith as passive recorded zero revenue in 2015.