Half-year Results
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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.
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.
- 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.
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 per share | 162,907 | 162,907 | 162,907 |
| Loss From operations | £000's | £000's | £000's |
| Loss for the purposes of basic earnings per share being net profit attributable to owners of the parent | (97) | (154) | (331) |
| Loss per share from operations | |||
| Basic and diluted (p) | (0.06) | (0.09) | (0.20) |
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