REG - Tanfield Group PLC - Interim Results for the six-months to 30 June 2024
13/09/2024 07:00
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RNS Number : 0111E Tanfield Group PLC 13 September 2024
The information contained within this announcement is deemed by the Company to
constitute inside information under the Market Abuse Regulation (EU) No.
596/2014. Upon the publication of this announcement via a Regulatory
Information Service ("RIS"), 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 2024
Tanfield, an investing company as defined by AIM Rules, announces its half
year results for the period ending 30 June 2024. The unaudited financial
information will shortly be available on the Company website
at www.tanfieldgroup.com (http://www.tanfieldgroup.com) .
Background
· 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 2024 reduced slightly to £97k (H1 2023:
£154k), in part due to a reduction in operating expenses, coupled with an
increase in finance income.
Overview of investments
As announced on 7 August 2024, in 2023 Snorkel's sales increased by 11.8% to
US$188.7m (2022: US$168.8m), which amounted to an increase of US$19.9m.
Snorkel's EBITDA in 2023 also improved to a US$6.3 profit (2022: US$13.8m
loss), an improvement of some US$20.1m, slightly higher than the value of the
sales increase. Further information relating to the recent performance of
Snorkel can be found in the 7 August 2024 announcement.
The Company continues to focus on the US Proceedings which are continuing,
with a jury trial currently expected to take place around the middle of
2025. The Board continue to believe that a positive outcome to those
proceedings is possible. So far as it is necessary, the Company 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 2024
Six months to Six months to Year to
30 Jun 24 (unaudited) 30 Jun 23 (unaudited) 31 Dec 23
(audited)
£000's £000's £000's
Revenue - - -
Staff costs (79) (77) (190)
Other operating income 11 11 23
Other operating expenses (116) (140) (287)
Loss from operations (184) (206) (454)
Finance expense - - -
Finance income 87 52 123
Loss before tax (97) (154) (331)
Taxation - - -
Loss & total comprehensive income for the period attributable to equity (97) (154) (331)
shareholders
Loss per share
Basic and diluted (p) (0.06) (0.09) (0.20)
BALANCE SHEET
AS AT 30 JUNE 2024
30 Jun 24 30 Jun 23 31 Dec 23
(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 79 53 58
Cash and cash equivalents 3,333 3,652 3,473
3,412 3,705 3,531
Total assets 22,512 22,805 22,631
Current liabilities
Trade and other payables 50 69 72
50 69 72
Total liabilities 50 69 72
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 (71,390) (71,116) (71,293)
Total equity 22,462 22,736 22,559
Total equity and total liabilities 22,512 22,805 22,631
STATEMENT OF CHANGES IN EQUITY
Share capital Share premium Share option reserve Merger reserve Special reserve Retained earnings Total
£000's £000's £000's £000's £000's £000's £000's
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
Six months to 30 June 2023 (unaudited)
At 1 January 2023 8,145 17,336 - 1,534 66,837 (70,962) 22,890
Comprehensive income
Loss for the period - - - - - (154) (154)
Total comprehensive income for the period - - - - - (154) (154)
At 30 June 2023 8,145 17,336 - 1,534 66,837 (71,116) 22,736
Year to December 2023 (audited)
At 1 January 2023 8,145 17,336 - 1,534 66,837 (70,962) 22,890
Comprehensive income
Loss for the period - - - - - (331) (331)
Total comprehensive income for the year - - - - - (331) (331)
At 31 December 2023 8,145 17,336 - 1,534 66,837 (71,293) 22,559
CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDING 30 JUNE 2024
Six months to 30 Jun 24 (unaudited) Six months to 30 Jun 23 (unaudited) Year to
31 Dec 23
(audited)
£000's £000's £000's
(Loss)/profit before tax (97) (154) (331)
Adjustment for:
Finance expense - - -
Finance income (87) (52) (123)
Changes in operating assets and liabilities / working capital:
(Increase)/decrease in receivables (21) (23) (29)
Increase/(decrease) in payables (22) 5 9
Net Cash used in operations (227) (224) (474)
Cash flow from Investing Activities
Interest received 87 52 123
Net Cash used in investing activities 87 52 123
Net decrease in cash and cash equivalents (140) (172) (351)
Cash and cash equivalents at the start of period 3,473 3,824 3,824
Cash and cash equivalents at the end of the period 3,333 3,652 3,473
1 Basis of preparation
The Interim Report of the Company for the six months ended 30 June 2024 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 2023 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 2024 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 24 to 30 Jun 23 31 Dec 23
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 (97) (154) (331)
attributable to owners of the parent
Loss per share from operations
Basic and diluted (p) (0.06) (0.09) (0.20)
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