(Alliance News) - Tanfield Group PLC on Monday reported a narrowed interim loss as it reduced its legal expenditure following the settlement of proceedings in the UK relating to its joint venture, Snorkel International Holdings LLC.
Tanfield is a Newcastle-based investing company which holds a 49% interest in Snorkel. Snorkel is a producer of self-propelled, towable and push-around aerial lifts.
The company reported a pretax loss of GBP154,000 in the six months ended June 30, narrowed from GBP499,000 the year prior. It recorded no revenue, unchanged from last year.
Tanfield said its loss narrowed primarily as a consequence of a reduction in legal expenditure following the settlement of proceedings in the UK, and the elimination of finance expenses following the repayment of borrowings in late 2022.
Back in 2019, the company issued a claim in the English High Court against its former solicitors acting for it at the time of a joint venture between itself and Xtreme Manufacturing LLC, which holds the remaining 51% of Snorkel. In October 2022, the company announced that it had settled its claims in the UK on a no-fault basis.
Looking forward, Tanfield said it is now focused on proceedings in the US, with a jury trial currently scheduled to take place in early 2024.
The US proceedings relate to a summons and complaint filed in the US state of Nevada by subsidiaries of Xtreme, relating to the Snorkel joint venture.
On Monday, Tanfield noted that the outcome of the US proceedings could have an impact on the current GBP19.1 million valuation of Snorkel.
Shares in Tanfield were untraded at 3.24 pence on Monday morning in London.
By Heather Rydings, Alliance News senior economics reporter
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Tanfield (TAN)