(Alliance News) - Tanfield Group PLC's full-year loss narrowed, the company said on Thursday, due a non-repeat of impairment costs.
Pretax profit in 2019 slimmed to GBP317,000 from GBP17.4 million.
In 2018, Tanfield booked GBP17.1 million in impairments, against none in 2019.
"The company's main investment, Snorkel International Holdings LLC, has once again seen a period of growth in sales. The board continues to closely monitor performance and is expecting to see year on year sales growth for the 6th consecutive year in 2019 when it receives the final quarter of 2019 results," Tanfield said.
Tanfield shares closed 16% higher at 3.00 pence each in London on Friday.
By Eric Cunha; ericcunha@alliancenews.com
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Tanfield (TAN)