Tanfield, 49% owner of Snorkel, has reported continued sales growth at the manufacturer of 25% in the first half of 2016, compared to the same period in 2015.
“During the first six months of 2016, Snorkel achieved sales growth in excess of 25% compared to the same period in 2015 which resulted in $70m of sales for the period," said Tanfield in a statement.
"The Board feels encouraged by the additional sales which have been achieved and is not aware of any reason why, with the ongoing efforts to further improve the product offering and customer experience, along with the continued commitment to Snorkel by the 51% beneficial owner, this trend should continue,”
Snorkel, majority owned by the Ahern family of companies, is valued at £36.3m ($60.1m) by Tanfield, which describes itself as an investing company that has two passive investments, the other of which is Smith Electric. This is based on the exchange rate at the date of receipt of the holding, equivalent to 23.6p per share. It compares to £46m based on the current exchange rate, equivalent to 29.9p per share.