Tanfield hails investee Snorkel swing to second quarter profit

(Alliance News) - Tanfield Group PLC on Thursday noted that its investee Snorkel International ...

Alliance News 17 August, 2023 | 10:40AM
Email Form Facebook Twitter LinkedIn RSS

(Alliance News) - Tanfield Group PLC on Thursday noted that its investee Snorkel International Holdings LLC reported an increase in sales for the second quarter of 2023, and a swing to a profit.

Tanfield is a Newcastle-based investing company which holds a 49% interest in Snorkel. Snorkel is a producer of self-propelled, towable and push-around aerial lifts.

Snorkel's second quarter sales rose 7.7% to USD50.5 million from USD46.8 million a year prior. It swung to earnings before interest, tax, depreciation and amortisation of USD1.6 million, from a loss of USD4.3 million. Net profit was USD1.2 million, swung from a loss of USD4.9 million.

Tanfield shares last traded at 2.62 pence each on Monday morning in London. On Thursday morning, they were quoted at 3.25p.

By Tom Budszus, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

Email Form Facebook Twitter LinkedIn RSS

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Tanfield Group PLC 3.76 GBX 0.00 -

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

© Copyright 2024 Morningstar, Inc. All rights reserved.

Terms of Use        Privacy Policy        Modern Slavery Statement        Cookie Settings        Disclosures