Tanfield Group PLC - investment firm headquartered in Newcastle Upon Tyne - Sees loss narrow to GBP268,000 in the six months ended June 30, from GBP369,000 the year prior due to lower legal fees during the period.
Says its 49% stake in Snorkel International Holdings LLC valued at GBP19.1 million, though notes that the outcome of ongoing US and UK legal proceedings could affect this valuation. The company says it continued to receive support from shareholders, via loan note subscriptions, to fund its legal proceedings and day-to-day costs.
Notes a 19% increase in Snorkel's sales to USD71.7 million in the first half, from USD60.2 million the previous year. Investigation into gross profit margins, which Tanfield has previously said it does not believe are not in line with industry averages, has commenced and remains ongoing.
Current stock price: 2.49 pence, up 7.8% on Friday afternoon
Year-to-date change: down 1.9%
By Scarlett Butler; scarlettbutler@alliancenews.com
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Tanfield (TAN)