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Tanfield Group PLC - investment firm headquartered in Newcastle Upon Tyne - investee Snorkel International Holdings LLC has third quarter performance hit by Covid-19.
For the three months to the end of September, loss before interest, tax, depreciation and amortisation was USD2.0 million compared to profit of USD1.7 million for the same period the year before. Sales dropped by 54% to USD26.3 million from USD57.1 million the prior year.
Tanfield's Snorkel investment is valued at GBP19.1 million, however, has received a Summons and Complaint against it in the US, related to a joint venture between it and Xtreme Manufacturing LLC.
Tanfield has issued a claim in English High Court against solicitor Ward Hadaway, in order to protect the company's rights.
Current stock price: 3.10 pence
Year-to-date change: down 31%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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