TIDMTAN
RNS Number : 8437G
Tanfield Group PLC
24 July 2023
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 2023
Tanfield, an investing company as defined by AIM Rules,
announces its half year results for the period ending 30 June 2023.
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 .
-- T he Snorkel investment is valued at GBP19.1m. 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 .
-- On 24 October 2019, the Company announced it had become
necessary to issue and serve a claim in the English High Court (the
"UK Proceedings") against its former solicitors acting for the
Company at the time of the Contemplated Transaction. On 18 October
2022, the Company announced that it had settled its claims in
relation to the UK Proceedings on a no-fault basis.
-- The Company's loss in H1 2023 reduced to GBP154k (H1 2022:
GBP499k) primarily as a consequence of a reduction in legal
expenditure following the settlement of the UK Proceedings, and the
elimination of finance expenses following the repayment of
borrowings, in late 2022.
Overview of investments
As announced on 18 May 2023, in the first quarter of 2023
Snorkel's sales increased by 4.4% to US$43.5m (Q1 2022: US$41.7m).
Whilst the increase in sales was a fairly modest US$1.8m in value,
the EBITDA for the first quarter of 2023 improved to a US$0.2m
profit (Q1 2022: US$3.5m loss), an improvement of some US$3.7m.
Further information relating to the recent performance of Snorkel
can be found in the 18 May 2023 announcement.
The Company is now focussed on the US Proceedings which are
continuing, with a jury trial currently scheduled to take place in
early 2024. However, the Board expect the trial date will be
rescheduled to around the summer of 2024. 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 020 7220 1666
Daryn Robinson
WH Ireland Limited - Nominated Advisor / Broker
James Joyce / Andrew de Andrade 020 7220 1666
STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSING 30 JUNE
2023
Year
to
Six months Six months 31 Dec
to to 22
30 Jun 30 Jun
23 (unaudited) 22 (unaudited) (audited)
GBP000's GBP000's GBP000's
--------------------------- --------- ----- ---------------------- -------------------- ------------
Revenue - - -
Staff costs (77) (52) (242)
Other operating income 11 10 6,900
Other operating expenses (140) (269) (1,163)
------------------------------------------------------ ------------- --------------- -----------------
(Loss)/profit from operations (206) (311) 5,495
Finance expense - (188) (565)
Finance income 52 - 16
------------------------------------------------------ ------------- --------------- -----------------
(Loss)/profit before tax (154) (499) 4,946
Taxation - - -
--------------------------- --------- -------------- ------------- --------------- -----------------
(Loss)/profit & total comprehensive income
for the period attributable to equity
shareholders (154) (499) 4,946
------------------------------------------------------ ------------- --------------- -----------------
(Loss)/profit per share
Basic and diluted (p) (0.09) (0.31) 3.04
BALANCE SHEET
AS AT 30 JUNE 2023
30 Jun 30 Jun 31 Dec
23 22 22
(unaudited) (unaudited) (audited)
GBP000's GBP000's GBP000'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 53 67 30
Cash and cash equivalents 3,652 1,368 3,824
-------------------------------------------------------- ---------------- ---------------- --------------
3,705 1,435 3,854
-------- -------- ---------------- ---------------- --------------
Total assets 22,805 20,535 22,954
-------------------------------------------------------- ---------------- ---------------- --------------
Non-current liabilities
Borrowings - 2,958 -
------------------------------------ -------- -------- ---------------- ---------------- --------------
- 2,958 -
------------------------------------ -------- -------- ---------------- ---------------- --------------
Current liabilities
Trade and other payables 69 132 64
-------------------------------------------------------- ---------------- ---------------- --------------
69 132 64
-------- -------- ---------------- ---------------- --------------
Total liabilities 69 3,090 64
-------------------------------------------------------- ---------------- ---------------- --------------
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 (71,116) (76,407) (70,962)
-------------------------------------------------------- ---------------- ---------------- --------------
Total equity 22,736 17,445 22,890
-------------------------------------------------------- ---------------- ---------------- --------------
Total equity and total liabilities 22,805 20,535 22,954
-------------------------------------------------------- ---------------- ---------------- --------------
STATEMENT OF CHANGES IN EQUITY
Share Share Share Merger Special Retained Total
capital premium option reserve reserve earnings
reserve
GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's
----------------------- ----------- ----------- --------- --------- --------- --------- ---------
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
----------------------- ----------- ----------- --------- --------- --------- --------- ---------
Six months to 30 June 2022
(unaudited)
At 1 January 2022 8,145 17,336 - 1,534 66,837 (75,908) 17,944
----------------------- ----------- ----------- --------- --------- --------- --------- ---------
Comprehensive income
Loss for the period - - - - - (499) (499)
----------------------- ----------- ----------- --------- --------- --------- --------- ---------
Total comprehensive
income
for the period - - - - - (499) (499)
----------------------- ----------- ----------- --------- --------- --------- --------- ---------
At 30 June 2022 8,145 17,336 - 1,534 66,837 (76,407) 17,445
----------------------- ----------- ----------- --------- --------- --------- --------- ---------
Year to December 2022 (audited)
At 1 January 2022 8,145 17,336 - 1,534 66,837 (75,908) 17,944
----------------------- ----------- ----------- --------- --------- --------- --------- ---------
Comprehensive income
Profit for the year - - - - - 4,946 4,946
----------------------- ----------- ----------- --------- --------- --------- --------- ---------
Total comprehensive
income
for the year - - - - - 4,946 4,946
At 31 December 2022 8,145 17,336 - 1,534 66,837 (70,962) 22,890
----------------------- ----------- ----------- --------- --------- --------- --------- ---------
CASH FLOW STATEMENT
FOR THE SIX MONTHSING 30 JUNE 2023
Year
to
31 Dec
22
Six months Six months
to 30 to 30
Jun 23 Jun 22
(unaudited) (unaudited) (audited)
GBP000's GBP000's GBP000's
------------------------------------------- --------- ------------- ------------- ------------
(Loss)/profit before tax (154) (499) 4,946
Adjustment for:
Finance expense - 188 565
Finance income (52) - (16)
------------------------------------------------------ ------------- ------------- ------------
Changes in operating assets and
liabilities / working capital:
(Increase)/decrease in receivables (23) (44) (7)
Increase/(decrease) in payables 5 60 (8)
------------------------------------------------------ ------------- ------------- ------------
Cash (used in)/generated by operations (224) (295) 5,480
------------------------------------------------------ ------------- ------------- ------------
Interest paid - - (810)
------------------------------------------------------ ------------- ------------- ------------
Net cash (used in)/generated by
operating activities (224) (295) 4,670
------------------------------------------------------ ------------- ------------- ------------
Cash flow from Investing Activities
Interest received 52 - 16
------------------------------------------------------ ------------- ------------- ------------
Net used in investing activities 52 - 16
------------------------------------------------------ ------------- ------------- ------------
Cash flow from financing activities
Proceeds from borrowings - 1,075 1,375
Repayment of borrowings - - (2,825)
------------------------------------------------------ ------------- ------------- ------------
Net cash (used in)/generated by
financing activities - 1,075 (1,450)
------------------------------------------------------ ------------- ------------- ------------
Net increase in cash and cash equivalents (172) 780 3,236
Cash and cash equivalents at the
start of period 3,824 588 588
------------------------------------------------------ ------------- ------------- ------------
Cash and cash equivalents at the
end of the period 3,652 1,368 3,824
------------------------------------------------------ ------------- ------------- ------------
1 Basis of preparation
The Interim Report of the Company for the six months ended 30 June
2023 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 2022 which
is available on request from the Company's registered office, c/o
Weightmans LLP, 1 St James' Gate, Newcastle upon Tyne, NE99 1YQ
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 2023
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:
Year
Six months Six months to
to 30 31 Dec
to 30 Jun 23 Jun 22 22
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 GBP000's GBP000's GBP000's
------------------------------------------ --- --------------------- ----------- ---------
Loss for the purposes of basic earnings
per share being net profit attributable
to owners of the parent (154) (499) 4,946
------------------------------------------------------ --- --------- ----------- ------------
Loss per share from operations
Basic and diluted (p) (0.09) (0.31) (3.04)
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END
IR PPUWWMUPWGPG
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July 24, 2023 02:00 ET (06:00 GMT)
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