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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 0.0% 2.25 2.02 2.50 0.00 01:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Industrial Engineering 0.0 -0.7 -0.4 - 4

Tanfield Group PLC Interim Results for the six months to 30 June 2021

10/09/2021 7:00am

UK Regulatory (RNS & others)


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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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