Member Article

Tanfield Group witness turnover increase

The Tanfield Group witnessed a 11% increase in turnover in 2011, as the firms markets continue to improve.

The Group is one of the world’s largest manufacturers of aerial work platforms, and is a leader in the market for low-level access equipment.

The Preliminary results indicate that turnover grew to £48.3 million, from £43.5 million in 2010 while gross margins increased to 37%. The Group’s order book also looks positive, and as of 31 December 2011, orders were up by 296% to £30.5 million, from £7.7m the previous year.

Jon Pither, Chairman of Tanfield, said: “Demand for aerial lifts began to return in key markets during 2011 and grew as the year progressed, clearly demonstrated by the order book we brought into 2012.

Operating losses before impairments narrowed to £14.99 million, while cash discipline levels were maintained at £3.5 million.

While supply chain challenges continue to constrain recovery speeds, the firm has still successfully managed a £12 million institutional placing in March 2012 to invest in growth.

Mr Pither added: “The Company has recently raised additional funds to eliminate significant supply chain constraints and the Board is confident that this will accelerate Tanfield’s growth in 2012.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .