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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Tanfield Group plc | AQSE:TAN.GB | Aquis Stock Exchange | Ordinary Share | GB00B4QHFM95 | Ordinary Shares 5p |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 4.00 | 2.50 | 4.50 | 4.00 | 3.50 | 4.00 | 2,500 | 16:29:52 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMTAN
RNS Number : 4968K
Tanfield Group PLC
22 September 2016
Tanfield Group Plc
("Tanfield", or "the Company")
Interim Results for the six-month period to 30 June 2016
Tanfield Group Plc, an investing company as defined by AIM Rules, announces its half year results for the period ending 30 June 2016. The unaudited financial statements are available on the Company website at www.tanfieldgroup.com.
Background
The Company is currently defined as an investing company that has two passive investments. This status resulted from the disposal of Smith Electric Vehicles in 2010 and the disposal of Snorkel Europe Limited in October 2013. Tanfield Group Plc currently owns 49% of Snorkel International Holdings LLC ("Snorkel") and 5.76% of Smith Electric Vehicles Corp. ("Smith").
The strategy of the Company in relation to these investments is to return as much as possible of any realised value to shareholders as events occur and circumstances allow, subject to compliance with any legal requirements associated with such distributions.
Summary
-- Further sales growth achieved by Snorkel in the first six months of the year, up by more than 25% compared to H1 2015.
-- Smith Electric continues to seek funding. -- Balance Sheet investment values:
o Snorkel GBP36.3m ($60.1m) based on the exchange rate at the date of receipt of the holding equivalent to 23.6p per share. This compares to GBP46m based on the current exchange rate, equivalent to 29.9p per share.
o Smith Electric continues to be held at a nil balance sheet value following the impairment of the investment at the end of 2015.
-- The net book value of the Company is GBP36.4m equivalent to 23.7p per share.
Overview of investments
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. 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 not continue.
As announced in the 2015 final results on 27 June 2016, the investment in Smith Electric was impaired to nil due to the uncertainty around its future and the level of funding it required. The situation continues to be monitored and should some significant progress be made then an update will be provided.
For further information:
Tanfield Group Plc
Daryn Robinson 0700 349 7489
WH Ireland Limited - Nominated Advisor
James Joyce / Nick Prowting 020 7220 1666
Peterhouse Corporate Finance - Broker
Hot Features
Premium
Peter Greensmith / Duncan Vasey 020 7220 9797
STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSING 30 JUNE
2016
Year to
Six months Six months 31 Dec
to to 15
30 Jun 16 30 Jun
(unaudited) 15 (unaudited) (audited)
GBP000's GBP000's GBP000's
=========================== ========== ===== =================== ===================== ============
Revenue - - -
Staff costs (44) (90) 618
Other operating income 14 15 27
Other operating expenses (79) (100) (268)
------------------------------------------------------ ----------- ---------------- -----------------
(Loss)/profit from operations
before impairments (109) (175) 377
Impairment of investments - - (4,770)
------------------------------------------------------ ----------- ---------------- -----------------
Loss from operations after
impairments (109) (175) (4,393)
Finance expense (8) (34) (54)
Finance income - - 1
------------------------------------------------------ ----------- ---------------- -----------------
Net finance expense (8) (34) (53)
Loss from operations before
tax (117) (209) (4,446)
Taxation - - -
--------------------------- ---------- ------------- ----------- ---------------- -----------------
Loss & total comprehensive income for
the period attributable to equity shareholders (117) (209) (4,446)
------------------------------------------------------ ----------- ---------------- -----------------
Loss per share
Earnings/(loss) per share
from operations
Basic and diluted (p) (0.09) (0.15) (3.1)
BALANCE SHEET
AS AT 30 JUNE 2016
30 Jun 30 Jun 31 Dec
16 15 15
(unaudited) (unaudited) (audited)
GBP000's GBP000's GBP000's
==================================== ======== ======== =============== =============== =============
Non current assets
Non current Investments 36,283 41,053 36,283
-------------------------------------------------------- --------------- --------------- -------------
36,283 41,053 36,283
-------- -------- --------------- --------------- -------------
Current assets
Trade and other receivables 102 154 98
Cash and cash equivalents 364 157 94
-------------------------------------------------------- --------------- --------------- -------------
466 311 192
-------- -------- --------------- --------------- -------------
Total assets 36,749 41,364 36,475
-------------------------------------------------------- --------------- --------------- -------------
Current liabilities
Trade and other payables 100 119 110
-------------------------------------------------------- --------------- --------------- -------------
100 119 110
-------- -------- --------------- --------------- -------------
Non-current liabilities
Other payables 262 1,601 254
-------------------------------------------------------- --------------- --------------- -------------
262 1,601 254
-------- -------- --------------- --------------- -------------
Total liabilities 362 1,720 364
-------------------------------------------------------- --------------- --------------- -------------
Equity
Share capital 7,686 7,187 7,546
Share premium 17,053 16,455 16,800
Share option reserve 461 845 461
Special reserve 66,837 66,837 66,837
Merger reserve 1,534 1,534 1,534
Retained earnings (57,184) (53,214) (57,067)
-------------------------------------------------------- --------------- --------------- -------------
Total equity 36,387 39,644 36,111
-------------------------------------------------------- --------------- --------------- -------------
Total equity and total liabilities 36,749 41,364 36,475
-------------------------------------------------------- --------------- --------------- -------------
STATEMENT OF CHANGES IN EQUITY
Share Share Share Merger Special Retained Total
capital premium option reserve reserve earnings
reserve
GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's
---------------------- --------- ----------- --------- --------- --------- --------- -------------
For the 6 month period ended
30 June 2016
At 1 January 2016 7,546 16,800 461 1,534 66,837 (57,067) 36,111
-------------------------- --------- ----------- --------- --------- --------- --------- -------------
Comprehensive income
Loss for the period - - - - - (117) (117)
-------------------------- --------- ----------- --------- --------- --------- --------- -------------
Total comprehensive
income
for the period - - - - - (117) (117)
-------------------------- --------- ----------- --------- --------- --------- --------- -------------
Transactions with
owners
in their capacity as
owners:-
Issuance of new shares 140 253 - - - - 393
---
At 30 June 2016 7,686 17,053 461 1,534 66,837 (57,184) 36,387
-------------------------- --------- ----------- --------- --------- --------- --------- -------------
For the 6 month period ended
30 June 2015
At 1 January 2015 7,187 16,455 845 1,534 66,837 (53,005) 39,853
-------------------------- --------- ----------- --------- --------- --------- --------- -------------
Comprehensive income
Loss for the period - - - - - (209) (209)
-------------------------- --------- ----------- --------- --------- --------- --------- -------------
Total comprehensive
income
for the period - - - - - (209) (209)
At 30 June 2015 7,187 16,455 845 1,534 66,837 (53,214) 39,644
-------------------------- --------- ----------- --------- --------- --------- --------- -------------
For the year ended 31 December
2015
At 1 January 2015 7,187 16,455 845 1,534 66,837 (53,005) 39,853
-------------------------- --------- ----------- --------- --------- --------- --------- --------
Comprehensive income
Profit for the year - - - - - (4,446) (4,446)
-------------------------- --------- ----------- --------- --------- --------- --------- --------
Total comprehensive
income
for the year - - - - - (4,446) (4,446)
Transactions with
owners
in their capacity as
owners:-
Issuance of new shares 359 345 - - - - 704
Share based payments - - (384) - - 384 -
-------------------------- --------- ----------- --------- --------- --------- --------- --------
At 31 December 2015 7,546 16,800 461 1,534 66,837 (57,067) 36,111
-------------------------- --------- ----------- --------- --------- --------- --------- --------
CASH FLOW STATEMENT
FOR THE SIX MONTHSING 30 JUNE 2016
Year to
31 Dec
15
Six months Six months
to 30 to 30
Jun 16 Jun 15
(unaudited) (unaudited) (audited)
GBP000's GBP000's GBP000's
======================================= ========= ============= ============= ============
Loss before interest and taxation (109) (175) (4,393)
Loss on impairment of investments - - 4,770
-------------------------------------------------- ------------- ------------- ------------
Operating cash flows before movements
in working capital (109) (175) (377)
(Increase)/decrease in receivables (12) (28) (25)
Increase/(decrease) in payables (1) 25 (1,331)
-------------------------------------------------- ------------- ------------- ------------
Net cash used in operations (122) (178) (979)
Interest paid - (34) -
--------------------------------------- --------- ------------- ------------- ------------
Net cash used in operating activities (122) (212) (979)
-------------------------------------------------- ------------- ------------- ------------
Cash flow from Investing Activities
Interest received - - -
--------------------------------------- --------- ------------- ------------- ------------
Net cash from investing activities - - -
--------------------------------------- --------- ------------- ------------- ------------
Cash flow from financing activities
Proceeds from issuance of ordinary
shares net of costs 392 - 704
-------------------------------------------------- ------------- ------------- ------------
Net cash from financing activities - - 704
-------------------------------------------------- ------------- ------------- ------------
Net increase/(decrease) in cash and
cash equivalents 270 (212) (275)
Cash and cash equivalents at the
start of period 94 369 369
-------------------------------------------------- ------------- ------------- ------------
Cash and cash equivalents at the
end of the period 364 157 94
-------------------------------------------------- ------------- ------------- ------------
1 Basis of preparation
The Interim Report of the Company for the six months ended 30 June
2016 has been prepared in accordance with AIM Rule 18 and not in
accordance with IAS34 "Interim Financial Reporting" therefore is
not fully in compliance with IFRS.
The half year report does not constitute financial statements as
defined in Section 434 of the Companies Act 2006 and does not include
all of the information and disclosures required for full annual
statements. It should be read in conjunction with the annual report
and financial statements for the year ended 31 December 2015 which
is available on request from the Company's registered office, Sandgate
House, 102 Quayside, Newcastle upon Tyne NE1 3DX or can be downloaded
from the corporate website www.tanfieldgroup.com.
2 Accounting Policies
The accounting policies adopted are consistent with those of the
annual financial statements for the year ended 31 December 2015,
as described in those financial statements. In particular, the
accounts have been prepared on a going concern basis, and as set
out on page 16 of those financial statements.
3 Loss per share
The calculation of the basic and diluted loss per share is based
on the following data:
Number of shares Six months Six months Year to
to 30 to 30 31 Dec
Jun 16 Jun 15 15
000's 000's 000's
---------------------------------------------- ----------- ----------- ---------
Weighted average number of ordinary shares
for the purposes of basic earnings per
share 152,464 143,741 144,823
Effect of dilutive potential ordinary shares
from share options 149 635 171
----------------------------------------------- ----------- ----------- ---------
Weighted average number of ordinary shares
for the purposes of diluted earnings per
share 12,613 144,376 144,994
----------------------------------------------- ----------- ----------- ---------
Loss Six months Six months Year to
to 30 to 30 31 Dec
Jun 16 Jun 15 15
From operations GBP000's GBP000's GBP000's
---------------------------------------------- ----------- ----------- ---------
Loss for the purposes of basic earnings
per share being net profit attributable
to owners of the parent (139) (209) (4,446)
Potential dilutive ordinary shares from - - -
share options
---------------------------------------------- ----------- ----------- ---------
Loss for the purposes of diluted earnings
per share (139) (209) (4,446)
----------------------------------------------- ----------- ----------- ---------
Loss per share from operations
Basic (p) (0.09) (0.15) (3.1)
Diluted (p) a (0.09) (0.15) (3.1)
aIAS33 defines dilution as a reduction in earnings per share or
an increase in loss per share resulting from the assumption that
options are exercised. As the potential dilutive ordinary shares
from share options reduce the loss per share these shares are omitted
from the dilutive loss per share calculation in June 2014 and June
2015.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SEEFMFFMSEDU
(END) Dow Jones Newswires
September 22, 2016 02:00 ET (06:00 GMT)
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