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(Alliance News) - Tanfield Group PLC on Friday said it swung to profit in 2022, thanks to a settlement from its UK court proceedings.
Tanfield shares slumped 23% to 2.50 pence each in London on Friday morning.
The investment firm headquartered in Newcastle upon Tyne reported pretax profit for 2022 was GBP4.9 million, swinging from a loss of GBP514,000.
The company said other operating income was GBP6.9 million, multiplying from GBP19,000 a year ago, representing a no-fault cash settlement from UK court proceedings in favour of Tanfield. Tanfield did not recognise any revenue in 2022, unchanged for a year ago.
The firm noted that US court proceedings - regarding Xtreme's claim that Tanfield has breached its contract over Snorkel International - are ongoing, with a jury trial set for early 2024.
Basic earnings per share were 3.04 pence, swinging from a loss per share of 0.32p. The company did not declare a dividend, unchanged from the year prior.
Looking ahead, the company said it is hopeful that 51% held Snorkel International will continue its recovery, with an increase in sales targeted in 2023.
By Harvey Dorset, Alliance News reporter
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