Tanfield's 2010 results will show stabilisation
07 February 2011
A preliminary report from the Tanfield Group Plc, owner of Snorkel, for its financial results ending 31 December 2010 says that trading for the second half of 2010 was similar to that of the first half and in line with the Board's expectations.
The Company continued to execute its strategy of cash preservation and net cash at 31 December 2010 was £3.6 million (30 June 2010: £2.2m).
During 2010 Tanfield consolidated all its powered access products into the Snorkel brand. Tanfield also completed the disposal of the business and assets of the Smith Electric Vehicles division to Smith Electric Vehicles US Corporation; Tanfield's 49% owned associate company, on 1 January 2011.
Tanfield said that the market for aerial work platforms stabilised in the second half of 2010, after a very difficult and prolonged period of recession. General activity in the construction industry remains low, however, the Board is encouraged by the positive sentiments emanating from the equipment rental sector, and is therefore cautiously optimistic that stabilisation may evolve into a return to growth in the mid-term.
Darren Kell, chief executive officer of The Tanfield Group said, "The return of stability in the aerial lift industry in the second half of 2010 allowed Tanfield to focus on enhancing its Snorkel product range and global sales channels."
"Entering 2011, Tanfield remains debt-free, with a positive cash balance a very strong product portfolio in powered access and an excellent international distribution network."
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