Member Article

Sales up 30% on 2014 for Tanfield's Snorkel investment

Tanfield Group Plc, the Newcastle-based investment company, has announced an update on its investment in Snorkel International Holdings LLC, its subsidiary powered access business.

Tanfield, a 49% shareholder in the equity of Snorkel following the disposal of 51% of the Snorkel business in 2013, estimates Snorkel should achieve sales of approximately $120m in 2015.

This would be approximately 30% higher than sales in 2014 as the business continues to progress year on year and it is expected that on this level of sales, the business will make a smaller operating loss for the year compared to prior years.

The Tanfield board expects Snorkel should achieve and sustain an operating profit in the year ending 31 December 2016 and beyond.

The carrying value of Tanfield’s 49% holding is valued around £39.8m.

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