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Tanfield Group PLC - investment firm headquartered in Newcastle Upon Tyne - Says investee Snorkel International Holdings LLC has provided 2020 year-end accounts, with sales in the final quarter shrinking 53% year-on-year to USD24.2 million and falling 50% to USD110.8 million for the full-year. Notes that gross profit margin rose to 10.4% for the third quarter, only slightly lower than the 2019 full-year margin of 2019, but reduced back down to 6.6% in the final quarter and was at a similar level, 6.4%, for first quarter of 2021. "Following careful consideration, the board have recently made a formal request, on behalf of Tanfield, to inspect Snorkel's books and records for the first quarter of 2021, as is the company's contractual right under the terms of the agreement. The board hopes to be granted access and to complete its inspection during the summer and will provide further updates as appropriate," it says, adding that it expects improved results for 2021 versus 2020 given reducing Covid-19 impact. Tanfield holds 49% stake in Snorkel.
Current stock price: 1.895 pence
Year-to-date change: down 25%
By Lucy Heming;Â lucyheming@alliancenews.com
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