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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.14 | 3.63% | 4.00 | 3.70 | 4.08 | 4.00 | 4.00 | 4.00 | 25,000 | 12:35:41 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Motor Vehicle Part,accessory | 6.9M | 4.95M | 0.0304 | 1.27 | 6.29M |
TIDMTAN
RNS Number : 8437G
Tanfield Group PLC
24 July 2023
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 2023
Tanfield, an investing company as defined by AIM Rules, announces its half year results for the period ending 30 June 2023. 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 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 (the "UK Proceedings") against its former solicitors acting for the Company at the time of the Contemplated Transaction. On 18 October 2022, the Company announced that it had settled its claims in relation to the UK Proceedings on a no-fault basis.
-- The Company's loss in H1 2023 reduced to GBP154k (H1 2022: GBP499k) primarily as a consequence of a reduction in legal expenditure following the settlement of the UK Proceedings, and the elimination of finance expenses following the repayment of borrowings, in late 2022.
Overview of investments
As announced on 18 May 2023, in the first quarter of 2023 Snorkel's sales increased by 4.4% to US$43.5m (Q1 2022: US$41.7m). Whilst the increase in sales was a fairly modest US$1.8m in value, the EBITDA for the first quarter of 2023 improved to a US$0.2m profit (Q1 2022: US$3.5m loss), an improvement of some US$3.7m. Further information relating to the recent performance of Snorkel can be found in the 18 May 2023 announcement.
The Company is now focussed on the US Proceedings which are continuing, with a jury trial currently scheduled to take place in early 2024. However, the Board expect the trial date will be rescheduled to around the summer of 2024. The Board continue to believe that a positive outcome to those proceedings is possible. So far as it is necessary, the Company will continue to vigorously defend its position 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 / Andrew de Andrade 020 7220 1666 STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHSING 30 JUNE 2023 Year to Six months Six months 31 Dec to to 22 30 Jun 30 Jun 23 (unaudited) 22 (unaudited) (audited) GBP000's GBP000's GBP000's --------------------------- --------- ----- ---------------------- -------------------- ------------ Revenue - - - Staff costs (77) (52) (242) Other operating income 11 10 6,900 Other operating expenses (140) (269) (1,163) ------------------------------------------------------ ------------- --------------- ----------------- (Loss)/profit from operations (206) (311) 5,495 Finance expense - (188) (565) Finance income 52 - 16 ------------------------------------------------------ ------------- --------------- ----------------- (Loss)/profit before tax (154) (499) 4,946 Taxation - - - --------------------------- --------- -------------- ------------- --------------- ----------------- (Loss)/profit & total comprehensive income for the period attributable to equity shareholders (154) (499) 4,946 ------------------------------------------------------ ------------- --------------- ----------------- (Loss)/profit per share Basic and diluted (p) (0.09) (0.31) 3.04 BALANCE SHEET AS AT 30 JUNE 2023 30 Jun 30 Jun 31 Dec 23 22 22 (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 53 67 30 Cash and cash equivalents 3,652 1,368 3,824 -------------------------------------------------------- ---------------- ---------------- -------------- 3,705 1,435 3,854 -------- -------- ---------------- ---------------- -------------- Total assets 22,805 20,535 22,954 -------------------------------------------------------- ---------------- ---------------- -------------- Non-current liabilities Borrowings - 2,958 - ------------------------------------ -------- -------- ---------------- ---------------- -------------- - 2,958 - ------------------------------------ -------- -------- ---------------- ---------------- -------------- Current liabilities Trade and other payables 69 132 64 -------------------------------------------------------- ---------------- ---------------- -------------- 69 132 64 -------- -------- ---------------- ---------------- -------------- Total liabilities 69 3,090 64 -------------------------------------------------------- ---------------- ---------------- -------------- Equity Share capital 8,145 8,145 8,145 Share premium 17,336 17,336 17,336 Special reserve 66,837 66,837 66,837 Merger reserve 1,534 1,534 1,534 Retained earnings (71,116) (76,407) (70,962) -------------------------------------------------------- ---------------- ---------------- -------------- Total equity 22,736 17,445 22,890 -------------------------------------------------------- ---------------- ---------------- -------------- Total equity and total liabilities 22,805 20,535 22,954 -------------------------------------------------------- ---------------- ---------------- -------------- 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 2023 (unaudited) At 1 January 2023 8,145 17,336 - 1,534 66,837 (70,962) 22,890 ----------------------- ----------- ----------- --------- --------- --------- --------- --------- Comprehensive income Loss for the period - - - - - (154) (154) ----------------------- ----------- ----------- --------- --------- --------- --------- --------- Total comprehensive income for the period - - - - - (154) (154) At 30 June 2023 8,145 17,336 - 1,534 66,837 (71,116) 22,736 ----------------------- ----------- ----------- --------- --------- --------- --------- --------- Six months to 30 June 2022 (unaudited) At 1 January 2022 8,145 17,336 - 1,534 66,837 (75,908) 17,944 ----------------------- ----------- ----------- --------- --------- --------- --------- --------- Comprehensive income Loss for the period - - - - - (499) (499) ----------------------- ----------- ----------- --------- --------- --------- --------- --------- Total comprehensive income for the period - - - - - (499) (499) ----------------------- ----------- ----------- --------- --------- --------- --------- --------- At 30 June 2022 8,145 17,336 - 1,534 66,837 (76,407) 17,445 ----------------------- ----------- ----------- --------- --------- --------- --------- --------- Year to December 2022 (audited) At 1 January 2022 8,145 17,336 - 1,534 66,837 (75,908) 17,944 ----------------------- ----------- ----------- --------- --------- --------- --------- --------- Comprehensive income Profit for the year - - - - - 4,946 4,946 ----------------------- ----------- ----------- --------- --------- --------- --------- --------- Total comprehensive income for the year - - - - - 4,946 4,946 At 31 December 2022 8,145 17,336 - 1,534 66,837 (70,962) 22,890 ----------------------- ----------- ----------- --------- --------- --------- --------- --------- CASH FLOW STATEMENT FOR THE SIX MONTHSING 30 JUNE 2023 Year to 31 Dec 22 Six months Six months to 30 to 30 Jun 23 Jun 22 (unaudited) (unaudited) (audited) GBP000's GBP000's GBP000's ------------------------------------------- --------- ------------- ------------- ------------ (Loss)/profit before tax (154) (499) 4,946 Adjustment for: Finance expense - 188 565 Finance income (52) - (16) ------------------------------------------------------ ------------- ------------- ------------ Changes in operating assets and liabilities / working capital: (Increase)/decrease in receivables (23) (44) (7) Increase/(decrease) in payables 5 60 (8) ------------------------------------------------------ ------------- ------------- ------------ Cash (used in)/generated by operations (224) (295) 5,480 ------------------------------------------------------ ------------- ------------- ------------ Interest paid - - (810) ------------------------------------------------------ ------------- ------------- ------------ Net cash (used in)/generated by operating activities (224) (295) 4,670 ------------------------------------------------------ ------------- ------------- ------------ Cash flow from Investing Activities Interest received 52 - 16 ------------------------------------------------------ ------------- ------------- ------------ Net used in investing activities 52 - 16 ------------------------------------------------------ ------------- ------------- ------------ Cash flow from financing activities Proceeds from borrowings - 1,075 1,375 Repayment of borrowings - - (2,825) ------------------------------------------------------ ------------- ------------- ------------ Net cash (used in)/generated by financing activities - 1,075 (1,450) ------------------------------------------------------ ------------- ------------- ------------ Net increase in cash and cash equivalents (172) 780 3,236 Cash and cash equivalents at the start of period 3,824 588 588 ------------------------------------------------------ ------------- ------------- ------------ Cash and cash equivalents at the end of the period 3,652 1,368 3,824 ------------------------------------------------------ ------------- ------------- ------------ 1 Basis of preparation The Interim Report of the Company for the six months ended 30 June 2023 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 2022 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 2023 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: Year Six months Six months to to 30 31 Dec to 30 Jun 23 Jun 22 22 Number of shares 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 ----------------------------------------------------------- -------- ----------- --------- Loss 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 (154) (499) 4,946 ------------------------------------------------------ --- --------- ----------- ------------ Loss per share from operations Basic and diluted (p) (0.09) (0.31) (3.04)
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IR PPUWWMUPWGPG
(END) Dow Jones Newswires
July 24, 2023 02:00 ET (06:00 GMT)
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