REG - Tanfield Group PLC - Interim Results for six-month period 30 June 2025
30/09/2025 07:00
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RNS Number : 2653B Tanfield Group PLC 30 September 2025
This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public domain.
Tanfield Group Plc
("Tanfield", or "the Company")
Interim Results for the six-month period to 30 June 2025
Tanfield, an investing company as defined by AIM Rules, announces its half
year results for the period ending 30 June 2025. The unaudited financial
information will shortly be available on the Company website
at www.tanfieldgroup.com (http://www.tanfieldgroup.com) .
Background and highlights
· Tanfield is a 49% shareholder in the equity of Snorkel International
Holdings LLC ("Snorkel") following the joint venture between the Company and
Xtreme Manufacturing LLC ("Xtreme") (the "Contemplated Transaction"), a
company owned by Don Ahern of Ahern Rentals Inc, relating to Snorkel, in
October 2013.
· The Snorkel investment is valued at £19.1m. The outcome of the US
Proceedings referenced below could have an impact on this valuation.
· On 22 October 2019, the Company announced that it had received a
Summons and Complaint, filed in Nevada (the "US Proceedings") by subsidiaries
of Xtreme, relating to the Contemplated Transaction.
· The Company's loss in H1 2025 increased to £540k (H1 2024: £97k) as
a result of increased legal and professional fees in preparation of the trial
relating to the US Proceedings beginning in December 2025.
· As at 30 June 2025, the Company had cash and short-term deposits of
£2.8m (Dec 2024: £3.2m).
Overview of investments
As announced on 19 May 2025, the Court in the US Proceedings granted the
Company's Motion for Partial Summary Judgement, confirming that under the
terms of the agreement of the Contemplated Transaction, Snorkel is required to
pay the Preferred Interest (approximately $25m on 30 September 2018) prior to,
or in conjunction with, the exercise of the Call Option. In doing so, the
Court confirmed that the Company's 49% interest in Snorkel cannot be acquired
for $0 (nil), as alleged by Xtreme in the US Proceedings.
The Company continues to focus on other matters relating to the US
Proceedings, which are continuing, with the trial beginning in December
2025. The Board continue to believe that a positive outcome to those
proceedings is possible and, so far as it is necessary, will continue to
vigorously defend its position whilst continuing to seek advice.
Further updates will be provided to Shareholders as and when appropriate.
For further information:
Tanfield Group Plc
0203 829 5000
Daryn
Robinson
Zeus Capital Limited- Nominated Advisor / Broker
James Joyce / Andrew de
Andrade
0203 829 5000
STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDING 30 JUNE 2025
Six months to Six months to Year to
30 Jun 25 (unaudited) 30 Jun 24 (unaudited) 31 Dec 24
(audited)
£000's £000's £000's
Revenue - - -
Staff costs (101) (79) (159)
Other operating income 3 11 16
Other operating expenses (491) (116) (260)
Loss from operations (589) (184) (403)
Finance expense - - -
Finance income 49 87 132
Loss before tax (540) (97) (271)
Taxation - - -
Loss & total comprehensive income for the period attributable to equity (540) (97) (271)
shareholders
Loss per share
Basic and diluted (p) (0.33) (0.06) (0.17)
BALANCE SHEET
AS AT 30 JUNE 2025
30 Jun 25 30 Jun 24 31 Dec 24
(unaudited) (unaudited) (audited)
£000's £000's £000's
Non-current assets
Non-current Investments 19,100 19,100 19,100
19,100 19,100 19,100
Current assets
Trade and other receivables 30 79 44
Cash and cash equivalents 430 3,333 2,909
Short-term deposits 2,350 - 300
2,810 3,412 3,253
Total assets 21,910 22,512 22,353
Current liabilities
Trade and other payables 162 50 65
162 50 65
Total liabilities 162 50 65
Equity
Share capital 8,145 8,145 8,145
Share premium 17,336 17,336 17,336
Special reserve 66,837 66,837 66,837
Merger reserve 1,534 1,534 1,534
Retained earnings (72,104) (71,390) (71,564)
Total equity 21,748 22,462 22,288
Total equity and total liabilities 21,910 22,512 22,353
STATEMENT OF CHANGES IN EQUITY
Share capital Share premium Merger reserve Special reserve Retained earnings Total
£000's £000's £000's £000's £000's £000's
Six months to 30 June 2025 (unaudited)
At 1 January 2025 8,145 17,336 1,534 66,837 (71,564) 22,288
Comprehensive income
Loss for the period - - - - (540) (540)
Total comprehensive income for the period - - - - (540) (540)
At 30 June 2025 8,145 17,336 1,534 66,837 (72,104) 21,748
Six months to 30 June 2024 (unaudited)
At 1 January 2024 8,145 17,336 1,534 66,837 (71,293) 22,559
Comprehensive income
Loss for the period - - - - (97) (97)
Total comprehensive income for the period - - - - (97) (97)
At 30 June 2024 8,145 17,336 1,534 66,837 (71,390) 22,462
Year to December 2024 (audited)
At 1 January 2024 8,145 17,336 1,534 66,837 (71,293) 22,559
Comprehensive income
Loss for the period - - - - (271) (271)
Total comprehensive income for the year - - - - (271) (271)
At 31 December 2024 8,145 17,336 1,534 66,837 (71,564) 22,288
CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDING 30 JUNE 2025
Six months to 30 Jun 25 (unaudited) Six months to 30 Jun 24 (unaudited) Year to
31 Dec 24
(audited)
£000's £000's £000's
(Loss)/profit before tax (540) (97) (271)
Adjustment for:
Finance expense - - -
Finance income (49) (87) (132)
Changes in operating assets and liabilities / working capital:
(Increase)/decrease in receivables 14 (21) 14
Increase/(decrease) in payables 97 (22) (7)
Net Cash used in operations (478) (227) (396)
Cash flow from Investing Activities
Interest received 49 87 132
Short-term deposits (2,050) - (300)
Net Cash used in investing activities (2,001) 87 (168)
Net decrease in cash and cash equivalents (2,479) (140) (564)
Cash and cash equivalents at the start of period 2,909 3,473 3,473
Cash and cash equivalents at the end of the period 430 3,333 2,909
1 Basis of preparation
The Interim Report of the Company for the six months ended 30 June 2025 has
been prepared in accordance with AIM Rule 18 and not in accordance with IAS34
"Interim Financial Reporting" therefore is not fully in compliance with IFRS.
The half year report does not constitute financial statements as defined in
Section 434 of the Companies Act 2006 and does not include all of the
information and disclosures required for full annual statements. It should
be read in conjunction with the annual report and financial statements for the
year ended 31 December 2024 which is available on request from the Company's
registered office, c/o Weightmans LLP, 1 St James' Gate, Newcastle upon Tyne,
NE1 4AD or can be downloaded from the corporate website www.tanfieldgroup.com.
2 Accounting Policies
Impact of accounting standards to be applied in future periods
There are a number of standards and interpretations which have been issued by
the International Accounting Standards Board that are effective for periods
beginning subsequent to 31 December 2025 that the Group has decided not to
adopt early. The Group does not believe these standards and interpretations
will have a material impact on the financial statements once adopted.
3 Loss per share
The calculation of the basic and diluted loss per share is based on the
following data:
Six months Six months Year to
to 30 Jun 25 to 30 Jun 24 31 Dec 24
Number of shares 000's 000's 000's
Weighted average number of ordinary shares for the purposes of basic earnings 162,907 162,907 162,907
per share
Loss From operations £000's £000's £000's
Loss for the purposes of basic earnings per share being net profit (540) (97) (271)
attributable to owners of the parent
Loss per share from operations
Basic and diluted (p) (0.33) (0.06) (0.17)
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