Tanfield profit drop

By Euan Youdale29 July 2015

UK-based Tanfield Group, which still holds a 49% share of Snorkel, has shown losses for the first six months of 2015.

The company reported zero revenue for the period and defines itself as ‘an investing company that has two passive investments.’

Tanfield also owns 5.76% of Smith Electric Vehicles Corp which it has valued at of £6.9m ($10.7m).

Losses from operation, including a staff cost of UK£60000, plus other expenses, totalled £175000. Profit from operations before tax was down £209000 for the six months to 30 June 2015. That compares to a £261000 profits drop in the same period last year.

The company values its share of Snorkel International Holdings LLC at £38.5m ($60.1m), equivalent to approximately 27p per share.

Concerning Snorkel as a whole, Tanfield, which sold 51% of the business to USA-based Xtreme Manufacturing two years ago, said it “continues to develop its business, with an increasing demand for its products in a competitive market.”

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