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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Tanfield Group Plc | LSE:TAN | London | Ordinary Share | GB00B4QHFM95 | ORD 5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 3.76 | 3.60 | 3.98 | 0.00 | 08:00:24 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Motor Vehicle Part,accessory | 6.9M | 4.95M | 0.0304 | 1.24 | 6.13M |
From May 2019 to May 2024
TIDMTAN
RNS Number : 8904W
Tanfield Group PLC
24 August 2020
The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain
Tanfield Group Plc
("Tanfield", or "the Company")
Interim Results for the six-month period to 30 June 2020
Tanfield, an investing company as defined by AIM Rules, announces its half year results for the period ending 30 June 2020. The unaudited financial information will shortly be available on the Company website at www.tanfieldgroup.com .
Background
-- Tanfield is a 49% shareholder in the equity of Snorkel International Holdings LLC ("Snorkel") following the joint venture between the Company and Xtreme Manufacturing LLC ("Xtreme") (the "Contemplated Transaction"), a company owned by Don Ahern of Ahern Rentals Inc, relating to Snorkel, in October 2013 .
-- T he Snorkel investment is valued at GBP19.1m. The outcome of the US and UK Proceedings referenced below could have an impact on this valuation.
-- On 22 October 2019, the Company announced that it had received a Summons and Complaint, filed in Nevada (the "US Proceedings") by subsidiaries of Xtreme, relating to the Contemplated Transaction .
-- On 24 October 2019, the Company announced it had become necessary to issue and serve a claim in the English High Court against Ward Hadaway (the "UK Proceedings"), the solicitor acting for the Company at the time of the Contemplated Transaction, in order to fully protect the Company's rights pending the outcome of the US Proceedings.
-- The Company's operating loss in H1 2019 increased to GBP333k (H1 2019: GBP127k) as a consequence of additional legal fees during the period, with the retained loss for the period being GBP369k (H1 2018: GBP127k).
-- As announced on 30 July 2020, the Company put in place a second loan note instrument of up to GBP1,000,000. An initial sum of GBP500,000 was subscribed to.
Overview of investments
As with many manufacturing businesses around the world, Snorkel has been significantly impacted by the global COVID-19 pandemic and many of its manufacturing locations have been closed for substantial periods in order to protect both the workforce as well as other stakeholders and to comply globally with a number of stay at home orders.
Consequently, the first 6 months of 2020 have been materially impacted with sales of US$60.2m, down 46.4% compared to the same period in 2019 (H1 2019: US$112.5m). This resulted in an EBITDA loss of US$6.2m in the first 6 months of 2020 (H1 2019: US$1.0m profit). The increasing impact of the pandemic is further evident when comparing the first and second quarter of 2020 with the corresponding quarters in 2019 which saw the first quarter sales reduced by 15.9% to US$43.4m (Q1 2019: US$51.6m) whereas the second quarter sales reduced by 72.4% to only US$16.8m (Q2 2019: US$60.8m).
Due to the ongoing impact of the COVID-19 pandemic, the Board expect that the remainder of 2020 will likely see ongoing reductions in sales when compared to 2019 but it is unable to provide an opinion at this juncture on the level of reduction in sales.
The Board can confirm that both the US Proceedings and the UK Proceedings are continuing to progress, with the Board continuing to seek advice and further updates will be provided to shareholders as and when appropriate.
For further information:
Tanfield Group Plc 020 7220 1666
Daryn Robinson
WH Ireland Limited - Nominated Advisor / Broker
Hot Features
Premium
James Joyce / Lydia Zychowska 020 7220 1666
STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSING 30 JUNE
2020
Year to
Six months Six months 31 Dec
to to 19
30 Jun 20 30 Jun
(unaudited) 19 (unaudited) (audited)
GBP000's GBP000's GBP000's
-------------------------------- ----- ----- ------------------- ----------------- ------------
Revenue - - -
Staff costs (37) (32) (74)
Other operating income 9 11 23
Other operating expenses (305) (106) (267)
----------------------------------------------- ------------------ ----------------- ------------
Loss from operations (333) (127) (318)
Finance expense (36) - -
Finance income - - 1
----------------------------------------------- ------------------ ----------------- ------------
Net finance expense (36) - 1
Loss from operations before
tax (369) (127) (317)
Taxation - - -
-------------------------------- ----- ------ ------------------ ----------------- ------------
Loss & total comprehensive income for
the period attributable to equity
shareholders (369) (127) (317)
----------------------------------------------- ------------------ ----------------- ------------
Loss per share from operations
Basic and diluted (p) (0.23) (0.08) (0.20)
BALANCE SHEET
AS AT 30 JUNE 2020
30 Jun 30 Jun 31 Dec
20 19 19
(unaudited) (unaudited) (audited)
GBP000's GBP000's GBP000's
------------------------------------ ----- ----- ------------- ------------- -----------
Non current assets
Non current Investments 19,100 19,100 19,100
-------------------------------------------------- ------------- ------------- -----------
19,100 19,100 19,100
----- ----- ------------- ------------- -----------
Current assets
Trade and other receivables 28 35 23
Cash and cash equivalents 109 273 136
-------------------------------------------------- ------------- ------------- -----------
137 308 159
----- ----- ------------- ------------- -----------
Total assets 19,237 19,408 19,259
-------------------------------------------------- ------------- ------------- -----------
Current liabilities
Trade and other payables 59 63 104
-------------------------------------------------- ------------- ------------- -----------
59 63 104
----- ----- ------------- ------------- -----------
Non-current liabilities
Other payables 392 - -
------------------------------------ ----- ----- ------------- ------------- -----------
392 - -
------------------------------------ ----- ----- ------------- ------------- -----------
Total liabilities 451 63 104
-------------------------------------------------- ------------- ------------- -----------
Equity
Share capital 8,145 8,145 8,145
Share premium 17,336 17,336 17,336
Share option reserve 331 331 331
Special reserve 66,837 66,837 66,837
Merger reserve 1,534 1,534 1,534
Retained earnings (75,397) (74,838) (75,028)
-------------------------------------------------- ------------- ------------- -----------
Total equity 18,786 19,345 19,155
-------------------------------------------------- ------------- ------------- -----------
Total equity and total liabilities 19,237 19,408 19,259
-------------------------------------------------- ------------- ------------- -----------
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
---------------------- --------- ----------- --------- --------- --------- --------- -------------
Six months to 30 June 2020
(unaudited)
At 1 January 2020 8,145 17,336 331 1,534 66,837 (75,028) 19,155
-------------------------- --------- ----------- --------- --------- --------- --------- -------------
Comprehensive income
Loss for the period - - - - - (369) (369)
-------------------------- --------- ----------- --------- --------- --------- --------- -------------
Total comprehensive
income
for the year - - - - - (369) (369)
At 30 June 2020 8,145 17,336 331 1,534 66,837 (75,397) 18,786
-------------------------- --------- ----------- --------- --------- --------- --------- -------------
Six months to 30 June 2019
(unaudited)
At 1 January 2019 7,920 17,336 331 1,534 66,837 (74,711) 19,247
-------------------------- --------- ----------- --------- --------- --------- --------- -------------
Comprehensive income
Loss for the period - - - - - (127) (127)
-------------------------- --------- ----------- --------- --------- --------- --------- -------------
Total comprehensive
income
for the year - - - - - (127) (127)
-------------------------- --------- ----------- --------- --------- --------- --------- -------------
Transactions with
owners
in their capacity as
owners:-
---------------------- --------- ----------- --------- --------- --------- --------- -------------
Issuance of new shares 225 - - - - - 225
-------------------------- --------- ----------- --------- --------- --------- --------- -------------
At 30 June 2019 8,145 17,336 331 1,534 66,837 (74,838) 19,345
-------------------------- --------- ----------- --------- --------- --------- --------- -------------
Year to December 2019 (audited)
At 1 January 2019 7,920 17,336 331 1,534 66,837 (74,711) 19,247
-------------------------- --------- ----------- --------- --------- --------- --------- -------
Comprehensive income
Loss for the year - - - - - (317) (317)
-------------------------- --------- ----------- --------- --------- --------- --------- -------
Total comprehensive
income
for the year - - - - - (317) (317)
Transactions with
owners
in their capacity as
owners:-
Share based payments 225 - - - - - 225
-------------------------- --------- ----------- --------- --------- --------- --------- -------
At 31 December 2019 8,145 17,336 331 1,534 66,837 (75,028) 19,155
-------------------------- --------- ----------- --------- --------- --------- --------- -------
CASH FLOW STATEMENT
FOR THE SIX MONTHSING 30 JUNE 2020
Year to
31 Dec
19
Six months Six months
to 30 to 30
Jun 20 Jun 19
(unaudited) (unaudited) (audited)
GBP000's GBP000's GBP000's
---------------------------------------- ----- ------------- ------------- ------------
Loss before interest and taxation (333) (127) (318)
Operating cash flows before movements
in working capital (333) (127) (318)
Increase in receivables (16) (24) (12)
Increase in payables 358 11 52
----------------------------------------------- ------------- ------------- ------------
Net cash from/(used in) operations 9 (140) (278)
----------------------------------------------- ------------- ------------- ------------
Interest paid (36) - -
---------------------------------------- ----- ------------- ------------- ------------
Net cash used in operating activities (27) (140) (278)
----------------------------------------------- ------------- ------------- ------------
Cash flow from Investing Activities
Interest received - - 1
----------------------------------------------- ------------- ------------- ------------
Net cash from investing activities - - 1
----------------------------------------------- ------------- ------------- ------------
Cash flow from financing activities
Proceeds from issuance of ordinary
shares net of costs - 225 225
----------------------------------------------- ------------- ------------- ------------
Net cash from financing activities - 225 225
----------------------------------------------- ------------- ------------- ------------
Net (decrease)/increase in cash and
cash equivalents (27) 85 (52)
Cash and cash equivalents at the
start of period 136 188 188
----------------------------------------------- ------------- ------------- ------------
Cash and cash equivalents at the
end of the period 109 273 136
----------------------------------------------- ------------- ------------- ------------
1 Basis of preparation
The Interim Report of the Company for the six months ended 30 June
2020 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 2019 which
is available on request from the Company's registered office, c/o
Weightmans LLP, 1 St James' Gate, Newcastle upon Tyne, NE99 1YQ
or can be downloaded from the corporate website www.tanfieldgroup.com.
2 Accounting Policies
There are no mandatory new and amended standards and interpretations
effective from 1 January 2020 that are expected to have a material
impact on the entity in the current or future reporting periods.
Given the operational status of the company, the Directors do not
think this new standard, nor any of the matters raised in the Annual
Improvements projects 2014 - 2016 and 2015 - 2017, nor the amendments
to IAS1 and IAS8, will have a material impact on the interim results.
Therefore, the accounting policies adopted are consistent with
those of the annual financial statements for the year ended 31
December 2019, as described in those financial statements. In particular,
the accounts have been prepared on a going concern basis, and as
set out on page 17 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 31 Dec
to 30 Jun 20 Jun 19 19
000's 000's 000's
-------------------------------------------- ------- ----------------- ----------- ---------
Weighted average number of ordinary shares
for the purposes of basic earnings per
share 162,907 159,004 160,971
Effect of dilutive potential ordinary shares
from share options - - -
--------------------------------------------------------- ------------- ----------- ---------
Weighted average number of ordinary shares
for the purposes of diluted earnings per
share 162,907 159,004 160,971
--------------------------------------------------------- ------------- ----------- ---------
Loss Six months Six months Year to
to 30 31 Dec
to 30 Jun 20 Jun 19 19
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 (369) (127) (318)
Potential dilutive ordinary shares - - -
from share options
----------------------------------------------------- ------------- ----------- ---------
Loss for the purposes of diluted earnings
per share (369) (127) (318)
----------------------------------------------------- ------------- ----------- ---------
Loss per share from operations
Basic and diluted (p) (0.23) (0.08) (0.20)
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END
IR PPUWPRUPUGQW
(END) Dow Jones Newswires
August 24, 2020 02:00 ET (06:00 GMT)
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