Business
Interim Results for the six-months to 30 June 2023
Interim Results for the six-months to 30 June 2023.
About this update from Tanfield Group Plc
[{"type":"text","content":"\n\nThe 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\n \n \nTanfield Group Plc\n \n(\"Tanfield\", or \"the Company\")\n \nInterim Results for the six-month period to 30 June 2023\n \n \nTanfield, 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.\n \nBackground\n \n· 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.\n \n· The Snorkel investment is valued at £19.1m. The outcome of the US Proceedings referenced below could have an impact on this valuation.\n \n· 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.\n \n· 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. \n \n· The Company's loss in H1 2023 reduced to £154k (H1 2022: £499k) 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.\n \n \nOverview of investments\n \nAs 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).&nb...