Tanfield Group PLC - investment firm headquartered in Newcastle upon Tyne - Reports higher half-year loss as expenses increase. Pretax loss in six months to June 30 widens to GBP499,000 from GBP268,000 a year prior. Non-staff costs grow to GBP269,000 from GBP145,000. Finance expenses double to GBP188,000 from GBP81,000. Makes no revenue, unchanged from a year ago.
Citing its 49%-owned equity of aerial work platforms manufacturer Snorkel International Holdings LLC, Tanfield says it believes "that further loan funding may be necessary to ensure that the company continues to protect its investment in Snorkel". It values its investment in the Nevada-based firm at GBP19.1 million.
Current stock price: 1.51 pence, down 25% on Friday
12-month change: down 35%
By Tom Budszus; tombudszus@alliancenews.com
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Tanfield (TAN)