RNS Number : 0111E
Tanfield Group PLC
13 September 2024
 

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 2024

 

 

Tanfield, an investing company as defined by AIM Rules, announces its half year results for the period ending 30 June 2024. 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.

 

·    The Snorkel investment is valued at £19.1m.  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.

 

·    The Company's loss in H1 2024 reduced slightly to £97k (H1 2023: £154k), in part due to a reduction in operating expenses, coupled with an increase in finance income.

 

 

Overview of investments

 

As announced on 7 August 2024, in 2023 Snorkel's sales increased by 11.8% to US$188.7m (2022: US$168.8m), which amounted to an increase of US$19.9m.  Snorkel's EBITDA in 2023 also improved to a US$6.3 profit (2022: US$13.8m loss), an improvement of some US$20.1m, slightly higher than the value of the sales increase.  Further information relating to the recent performance of Snorkel can be found in the 7 August 2024 announcement.

 

The Company continues to focus on the US Proceedings which are continuing, with a jury trial currently expected to take place around the middle of 2025.  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                                                                          0203 829 5000

Daryn Robinson                                                                                               

 

Zeus Capital Limited- Nominated Advisor / Broker

James Joyce / Andrew de Andrade                                          0203 829 5000

 

 

STATEMENT OF COMPREHENSIVE INCOME

 

FOR THE SIX MONTHS ENDING 30 JUNE 2024

 

 

Six months to

30 Jun 24 (unaudited)

Six months to

30 Jun 23 (unaudited)

Year to

 31 Dec 23

 (audited)

 

 

£000's

£000's

£000's

 

 

 

 

 

 

Revenue

-

-

-

 

Staff costs

(79)

(77)

(190)

 

Other operating income

11

11

23

 

Other operating expenses

(116)

(140)

(287)

 

Loss from operations

(184)

(206)

(454)

 

Finance expense

-

-

-

 

Finance income

87

52

123

 

Loss before tax

(97)

(154)

(331)

 

Taxation

-

-

-

 

Loss & total comprehensive income for the period attributable to equity shareholders

(97)

(154)

(331)

 


 

 

Loss per share


 

 

Basic and diluted (p)

(0.06)

(0.09)

(0.20)



 

BALANCE SHEET

AS AT 30 JUNE 2024



 

 

 

30 Jun 24

(unaudited)

30 Jun 23

(unaudited)

31 Dec 23

(audited)

 

 

 

 

£000's

£000's

£000'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



79

53

58

 

Cash and cash equivalents



3,333

3,652

3,473

 




3,412

3,705

3,531

 







 

Total assets


 

22,512

22,805

22,631

 






 

Current liabilities






 

Trade and other payables



50

69

72

 

 



50

69

72

 

 





 

Total liabilities

 

 

50

69

72

 






 

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



(71,390)

(71,116)

(71,293)

 

Total equity


 

22,462

22,736

22,559

 

 


 

 

 

 

 

Total equity and total liabilities


 

22,512

22,805

22,631

 

STATEMENT OF CHANGES IN EQUITY

 

 

 

Share capital

 

Share premium

 

Share option reserve

 

Merger reserve

 

Special reserve

 

Retained earnings

 

Total

 

 

£000's

£000's

£000's

£000's

£000's

£000's

£000's

 

Six months to 30 June 2024 (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At 1 January 2024

8,145

17,336

-

1,534

66,837

(71,293)

22,559

 

Comprehensive income








 

Loss for the period

-

-

-

-

-

(97)

(97)

 

Total comprehensive income for the period

-

-

-

-

-

(97)

(97)

 

At 30 June 2024

8,145

17,336

-

1,534

66,837

(71,390)

22,462

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

Year to December 2023 (audited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At 1 January 2023

8,145

17,336

-

1,534

66,837

(70,962)

22,890

 

Comprehensive income

 

 

 

 

 

 

 

 

Loss for the period

-

-

-

-

-

(331)

(331)

 

Total comprehensive income for the year

-

-

-

-

-

(331)

(331)

 

At 31 December 2023

8,145

17,336

-

1,534

66,837

(71,293)

22,559

 

 

 

 

CASH FLOW STATEMENT

FOR THE SIX MONTHS ENDING 30 JUNE 2024



 

 

Six months to 30 Jun 24 (unaudited)

Six months to 30 Jun 23 (unaudited)

Year to

 31 Dec 23

 (audited)

 

 

 

£000's

£000's

£000's

 

 





 

(Loss)/profit before tax


(97)

(154)

(331)

 

Adjustment for:

 

 

 

 

 

Finance expense


-

-

-

 

Finance income


(87)

(52)

(123)

 

Changes in operating assets and liabilities / working capital:





 

(Increase)/decrease in receivables


(21)

(23)

(29)

 

Increase/(decrease) in payables


(22)

5

9

 

Net Cash used in operations

 

(227)

(224)

(474)

 

 





 

Cash flow from Investing Activities





 

  Interest received


87

52

123

 

Net Cash used in investing activities

 

87

52

123

 

 





 

Net decrease in cash and cash equivalents

 

(140)

(172)

(351)

 

Cash and cash equivalents at the start of period


3,473

3,824

3,824

 

Cash and cash equivalents at the end of the period

 

3,333

3,652

3,473

 

 

 

 

1  Basis of preparation

The Interim Report of the Company for the six months ended 30 June 2024 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 2023 which is available on request from the Company's registered office, c/o Weightmans LLP, 1 St James' Gate, Newcastle upon Tyne, NE1 4AD 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 2024 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:

 

 


Six months

Six months

Year to

 

 


to 30 Jun 24

to 30 Jun 23

31 Dec 23

 

 


 

 

 

 

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


£000's

£000's

£000's

 

Loss for the purposes of basic earnings per share being net profit attributable to owners of the parent


 (97)

(154)

(331)


 

 

 

 

Loss per share from operations

 

 



 

Basic and diluted (p)

 

(0.06)

(0.09)

(0.20)

 

 

 

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