Business
Preliminary Results - year en
Preliminary Results - year en.
About this update from Tanfield Group Plc
[{"type":"text","content":"\n RNS Number : 5013L Tanfield Group PLC 07 May 2010 \n \n\nThe Tanfield Group Plc \n(\"Tanfield\", \"Group\", or \"the Company\")\n \nPreliminary Results for the year ending 31 December 2009\n \n7 May 2010\n \nTanfield Group Plc, the leading manufacturer of aerial work platforms and commercial electric vehicles, announces its unaudited preliminary results for the year ending 31 December 2009.\n \nSummary\n \n· Turnover of £58m (2008: £146m)\n· Operating loss of £21.4m (2008: Operating profit £1.3m)\n· Net cash at 31 December of £5.4m (2008: £11.1m)\n· Staff costs reduced by 42% during 2009\n \nJon Pither, Chairman of Tanfield, said: \"As we predicted, 2009 was a tough year for the Group and we expect 2010 will also be challenging.\n \n\"The management team has executed a plan to sustain the business during the economic recession and to prepare it for the eventual upturn. We continue to prudently manage cash and implement cost reduction programmes, while retaining core employee skills and competencies. \n \n\"Discussions with SEVUS are continuing and we understand that progress is being made in line with the proposed offer timelines. Nevertheless, with a stable balance sheet and clear strategies to manage the downturn, I believe the Group is well positioned for long term success.\"\nFor further information:\n \nThe Tanfield Group Plc +44 (0) 845 155 7755\nDarren Kell, CEO\nCharles Brooks, FD\n \nArbuthnot Securities Limited (Nominated Adviser & Broker) \nJames Ste...