Tanfield Group PLC - investment firm headquartered in Newcastle Upon Tyne - Says 49%-investee Snorkel International Holdings LLC first half net sales improve to USD71.7 million versus USD60.2 million year before. Net loss in first half narrows to USD3.6 million from USD7.3 million.
"The board continues to view the continued recovery from the impact of Covid-19 during the first six months of 2021 as a positive development and is not aware of any reason why this improving trend should not continue. The board therefore anticipates improved results for the remainder of 2021, compared to the same periods in 2020," company says.
Adds: "The board still believe that a positive outcome to either/both the US proceedings and UK proceedings is possible and, so far as it is necessary, the company will continue to vigorously defend and advance its position in both proceedings, whilst continuing to seek advice."
US case to take place in March 2022, while UK case has retrial in November 2022.
Current stock price: 2.25 pence
Year-to-date change: down 11%
By Paul McGowan; paulmcgowan@alliancenews.com
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Tanfield (TAN)