Tanfield Group PLC - investment firm headquartered in Newcastle Upon Tyne - Snorkel International Holdings LLC materially hurt by Covid-19 pandemic with sales down 46% in its first half at only USD60.2 million versus USD112.5 million the year before. Tanfield is a 49% shareholder in Snorkel as part of a joint venture with Xtreme Manufacturing LLC. Tanfield has now received overdue financial information on Snorkel after delays. This information shows that Snorkel's 2019 fourth-quarter sales were up 7.4% at USD1.3 million and that 2019 sales were 10% higher as USD220.8 million. However, Snorkel's net loss widened in 2019 to USD2.5 million from USD400,000. Tanfield said its board cannot tell how long Covid-19 will keep hurting Snorkel or when the market for Snorkel's equipment will regain its momentum. Proceedings in the US and UK concerning complaints regarding the joint venture "are continuing to progress" and legal advice is being sought.
Current stock price: 2.50 pence
Year-to-date change: up 27%
By Anna Farley; annafarley@alliancenews.com
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Tanfield (TAN)