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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.05 | 1.27% | 4.00 | 3.90 | 4.10 | 0.00 | 16:35:11 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Motor Vehicle Part,accessory | 6.9M | 4.95M | 0.0304 | 1.30 | 6.43M |
TIDMTAN
RNS Number : 3051L
Tanfield Group PLC
10 September 2021
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 2021
Tanfield, an investing company as defined by AIM Rules, announces its half year results for the period ending 30 June 2021. 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 2021 reduced to GBP187k (H1 2020: GBP333k) as a consequence of lower legal fees during the period, with the retained loss for the period reducing to GBP268k (H1 2020: GBP369k).
-- As announced on 3 June 2021, the Company continues to receive the support of its Shareholders via loan note subscriptions in order to provide the necessary funding for the ongoing US and UK Proceedings and other day to day costs.
Overview of investments
During the first 6 months of 2021, Snorkel appears to be recovering from the impact of the global COVID-19 pandemic which impacted its ability to operate as normal and required many of its global facilities to close for substantial periods.
As the recovery from the pandemic continues, Snorkel has seen sales in the first 6 months of 2021 increase to US$71.7m, up from US$60.2m for the same period in 2020. More recently, as announced on 24 August 2021, Snorkel saw a 140% increase in sales for the second quarter of 2021, achieving sales of US$40.3m compared to US$16.8m for the same period in 2020.
Also as announced on 24 August 2021, the Board remain of the opinion that gross profit margins generally do not appear to have been in line with the industry averages. Accordingly, steps to investigate the historic margins, which includes ensuring all related party transactions have taken place at an arm's length basis, have commenced and are ongoing.
The Board confirm that both the US and UK Proceedings are continuing to progress and that the Board believes a positive outcome to either/both proceedings is possible. So far as it is necessary, the Company will continue to vigorously defend and advance its position in both proceedings, whilst continuing to seek advice.
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
James Joyce 020 7220 1666
STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHSING 30 JUNE 2021 Year to Six months Six months 31 Dec to to 20 30 Jun 21 30 Jun (unaudited) 20 (unaudited) (audited) GBP000's GBP000's GBP000's -------------------------------- ----- ----- ------------------- ----------------- ------------ Revenue - - - Staff costs (51) (37) (83) Other operating income 9 9 18 Other operating expenses (145) (305) (532) ----------------------------------------------- ------------------ ----------------- ------------ Loss from operations (187) (333) (597) Finance expense (81) (36) (100) Finance income - - - -------------------------------- ----- ------ ------------------ ----------------- ------------ Net finance expense (81) (36) (100) Loss from operations before tax (268) (369) (697) Taxation - - - -------------------------------- ----- ------ ------------------ ----------------- ------------ Loss & total comprehensive income for the period attributable to equity shareholders (268) (369) (697) ----------------------------------------------- ------------------ ----------------- ------------ Loss per share from operations Basic and diluted (p) (0.16) (0.23) (0.43) BALANCE SHEET AS AT 30 JUNE 2021 30 Jun 30 Jun 31 Dec 21 20 20 (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 36 28 24 Cash and cash equivalents 739 109 524 -------------------------------------------------- ------------- ------------- ----------- 775 137 548 ----- ----- ------------- ------------- ----------- Total assets 19,875 19,237 19,648 -------------------------------------------------- ------------- ------------- ----------- Current liabilities Trade and other payables 54 59 90 -------------------------------------------------- ------------- ------------- ----------- 54 59 90 ----- ----- ------------- ------------- ----------- Non-current liabilities Other payables 1,631 392 1,100 -------------------------------------------------- ------------- ------------- ----------- 1,631 392 1,100 ----- ----- ------------- ------------- ----------- Total liabilities 1,685 451 1,190 -------------------------------------------------- ------------- ------------- ----------- 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 (75,993) (75,397) (75,725) -------------------------------------------------- ------------- ------------- ----------- Total equity 18,190 18,786 18,458 -------------------------------------------------- ------------- ------------- ----------- Total equity and total liabilities 19,875 19,237 19,648 -------------------------------------------------- ------------- ------------- -----------
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 2021 (unaudited) At 1 January 2021 8,145 17,336 331 1,534 66,837 (75,725) 18,458 ----------------------- ----------- ----------- --------- --------- --------- --------- --------- Comprehensive income Loss for the period - - - - - (268) (268) ----------------------- ----------- ----------- --------- --------- --------- --------- --------- Total comprehensive income for the period - - - - - (268) (268) At 30 June 2021 8,145 17,336 331 1,534 66,837 (75,993) 18,190 ----------------------- ----------- ----------- --------- --------- --------- --------- --------- 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 period - - - - - (369) (369) ----------------------- ----------- ----------- --------- --------- --------- --------- --------- At 30 June 2020 8,145 17,336 331 1,534 66,837 (75,397) 18,786 ----------------------- ----------- ----------- --------- --------- --------- --------- --------- Year to December 2020 (audited) At 1 January 2020 8,145 17,336 331 1,534 66,837 (75,028) 19,155 ----------------------- ----------- ----------- --------- --------- --------- --------- --------- Comprehensive income Loss for the year - - - - - (697) (697) ----------------------- ----------- ----------- --------- --------- --------- --------- --------- Total comprehensive income for the year - - - - - (697) (697) At 31 December 2020 8,145 17,336 331 1,534 66,837 (75,725) 18,458 ----------------------- ----------- ----------- --------- --------- --------- --------- --------- CASH FLOW STATEMENT FOR THE SIX MONTHSING 30 JUNE 2020 Year to 31 Dec 20 Six months Six months to 30 to 30 Jun 21 Jun 20 (unaudited) (unaudited) (audited) GBP000's GBP000's GBP000's --------------------------------------------- ----- ------------- ------------- ------------ Loss from operations (268) (369) (697) Adjustment for: Finance costs 81 36 100 Changes in operating assets and liabilities / working capital: Increase in receivables (12) (16) (1) Decrease (36) (34) (14) ---------------------------------------------------- ------------- ------------- ------------ Net cash used in operating activities (235) (383) (612) ---------------------------------------------------- ------------- ------------- ------------ Cash flow from financing activities Proceeds from borrowings 450 356 1,000 ---------------------------------------------------- ------------- ------------- ------------ Net cash generated by financing activities 450 356 1,000 ---------------------------------------------------- ------------- ------------- ------------ Net increase/(decrease) in cash and cash equivalents 215 (27) 388 Cash and cash equivalents at the start of period 524 136 136 ---------------------------------------------------- ------------- ------------- ------------ Cash and cash equivalents at the end of the period 739 109 524 ---------------------------------------------------- ------------- ------------- ------------ 1 Basis of preparation The financial statements for the year ended 31 December 2020 were prepared in accordance with International Financial Reporting Standards and IFRS interpretations Committee interpretations as adopted by the European Union and with IFRS and their Interpretations issued by the IASB. On 31 December 2020, IFRS as adopted by the European Union at that date was brought into UK law and became UK-adopted international accounting standards, with future changes being subject to endorsement by the UK Endorsement Board. The Group transitioned to UK-adopted international accounting standards in its consolidated financial statements on 1 January 2021. There was no impact or changes in accounting policies from the transition and the Group will also continue to comply with IFRS and their interpretations issued by the IASB. The Interim Report of the Company for the six months ended 30 June 2021 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 2020 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 Impact of accounting standards to be applied in future periods There are a number of standards and interpretations which have been issued by the International Accounting Standards Board that are effective for periods beginning subsequent to 31 December 2021 that the Group has decided not to adopt early. The Group does not believe these standards and interpretations will have a material impact on the financial statements once adopted. 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 21 Jun 20 20 000's 000's 000's -------------------------------------------------------- ------- ------------- ----------- --------- Weighted average number of ordinary shares for the purposes of basic earnings per share 162,907 162,907 162,907 Effect of dilutive potential ordinary shares from share options - - - ----------------------------------------------------------------- ------------- ----------- --------- Weighted average number of ordinary shares for the purposes of diluted earnings per share 162,907 162,907 162,907 ----------------------------------------------------------------- ------------- ----------- --------- Loss Six months Six months Year to to 30 31 Dec to 30 Jun 21 Jun 20 20 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 (268) (369) (697) Potential dilutive ordinary shares - - - from share options ----------------------------------------------------------------- ------------- ----------- ------------ Loss for the purposes of diluted earnings per share (268) (369) (697) ----------------------------------------------------------------- ------------- ----------- ------------ Loss per share from operations Basic and diluted (p) (0.16) (0.23) (0.43)
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IR UPUQPBUPGGGB
(END) Dow Jones Newswires
September 10, 2021 02:00 ET (06:00 GMT)
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