Business
Final Results for the year ending 31 December 2012
Final Results for the year ending 31 December 2012.
About this update from Tanfield Group Plc
[{"type":"text","content":"\n \nRNS Number : 0996I Tanfield Group PLC 28 June 2013 \n \n\n\n\n\n\nFor immediate release\n\n\n 28 June 2013\n\n\n\n\nThe Tanfield Group Plc\n(\"Tanfield\", \"Group\", or \"the Company\")\n \nFinal Results for the year ending 31 December 2012\n \nTanfield Group Plc, a leading manufacturer of aerial work platforms, announces its final results for the year ending 31 December 2012. The audited financial statements are being posted to shareholders and are available on the Company website at www.tanfieldgroup.com. \n \nSummary\n \n· Recovery in key markets for aerial lifts continues\n· Demand outstripping capability to supply \n· Gross margins increased to 41% (2011: 37%)\n· Supply chain challenges and working capital constraining speed of recovery\n· Discussions on sale of Snorkel division on-going\n \nJon Pither, Chairman of Tanfield, said: \n \n\" As we predicted, global demand for aerial work platforms continued to grow significantly throughout 2012, pricing has improved and margins increased. Customers remain engaged in fleet replacement programmes after ageing their fleets during the economic downturn. However, the extended cash-to-cash cycle of key markets in the Asia-Pacific region, combined with supply chain constraints put additional strain on our working capital, so we reined in production during the final quarter in order to rebalance inventory and maintain cash . \"\n \nFor further information:\n \nThe Tanfield Group Plc 0845 155 7755\nDarren Kell / Charles Brooks\n \nWH Ireland  ...