TIDMTAN
RNS Number : 3051L
Tanfield Group PLC
10 September 2021
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 2021
Tanfield, an investing company as defined by AIM Rules,
announces its half year results for the period ending 30 June 2021.
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 and UK 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
against Ward Hadaway (the "UK Proceedings"), the solicitor acting
for the Company at the time of the Contemplated Transaction, in
order to fully protect the Company's rights pending the outcome of
the US Proceedings.
-- The Company's operating loss in H1 2021 reduced to GBP187k
(H1 2020: GBP333k) as a consequence of lower legal fees during the
period, with the retained loss for the period reducing to GBP268k
(H1 2020: GBP369k).
-- As announced on 3 June 2021, the Company continues to receive
the support of its Shareholders via loan note subscriptions in
order to provide the necessary funding for the ongoing US and UK
Proceedings and other day to day costs.
Overview of investments
During the first 6 months of 2021, Snorkel appears to be
recovering from the impact of the global COVID-19 pandemic which
impacted its ability to operate as normal and required many of its
global facilities to close for substantial periods.
As the recovery from the pandemic continues, Snorkel has seen
sales in the first 6 months of 2021 increase to US$71.7m, up from
US$60.2m for the same period in 2020. More recently, as announced
on 24 August 2021, Snorkel saw a 140% increase in sales for the
second quarter of 2021, achieving sales of US$40.3m compared to
US$16.8m for the same period in 2020.
Also as announced on 24 August 2021, the Board remain of the
opinion that gross profit margins generally do not appear to have
been in line with the industry averages. Accordingly, steps to
investigate the historic margins, which includes ensuring all
related party transactions have taken place at an arm's length
basis, have commenced and are ongoing.
The Board confirm that both the US and UK Proceedings are
continuing to progress and that the Board believes a positive
outcome to either/both proceedings is possible. So far as it is
necessary, the Company will continue to vigorously defend and
advance its position in both proceedings, 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 020 7220 1666
STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSING 30 JUNE
2021
Year to
Six months Six months 31 Dec
to to 20
30 Jun 21 30 Jun
(unaudited) 20 (unaudited) (audited)
GBP000's GBP000's GBP000's
-------------------------------- ----- ----- ------------------- ----------------- ------------
Revenue - - -
Staff costs (51) (37) (83)
Other operating income 9 9 18
Other operating expenses (145) (305) (532)
----------------------------------------------- ------------------ ----------------- ------------
Loss from operations (187) (333) (597)
Finance expense (81) (36) (100)
Finance income - - -
-------------------------------- ----- ------ ------------------ ----------------- ------------
Net finance expense (81) (36) (100)
Loss from operations before
tax (268) (369) (697)
Taxation - - -
-------------------------------- ----- ------ ------------------ ----------------- ------------
Loss & total comprehensive income for
the period attributable to equity
shareholders (268) (369) (697)
----------------------------------------------- ------------------ ----------------- ------------
Loss per share from operations
Basic and diluted (p) (0.16) (0.23) (0.43)
BALANCE SHEET
AS AT 30 JUNE 2021
30 Jun 30 Jun 31 Dec
21 20 20
(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 36 28 24
Cash and cash equivalents 739 109 524
-------------------------------------------------- ------------- ------------- -----------
775 137 548
----- ----- ------------- ------------- -----------
Total assets 19,875 19,237 19,648
-------------------------------------------------- ------------- ------------- -----------
Current liabilities
Trade and other payables 54 59 90
-------------------------------------------------- ------------- ------------- -----------
54 59 90
----- ----- ------------- ------------- -----------
Non-current liabilities
Other payables 1,631 392 1,100
-------------------------------------------------- ------------- ------------- -----------
1,631 392 1,100
----- ----- ------------- ------------- -----------
Total liabilities 1,685 451 1,190
-------------------------------------------------- ------------- ------------- -----------
Equity
Share capital 8,145 8,145 8,145
Share premium 17,336 17,336 17,336
Share option reserve 331 331 331
Special reserve 66,837 66,837 66,837
Merger reserve 1,534 1,534 1,534
Retained earnings (75,993) (75,397) (75,725)
-------------------------------------------------- ------------- ------------- -----------
Total equity 18,190 18,786 18,458
-------------------------------------------------- ------------- ------------- -----------
Total equity and total liabilities 19,875 19,237 19,648
-------------------------------------------------- ------------- ------------- -----------
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 2021
(unaudited)
At 1 January 2021 8,145 17,336 331 1,534 66,837 (75,725) 18,458
----------------------- ----------- ----------- --------- --------- --------- --------- ---------
Comprehensive income
Loss for the period - - - - - (268) (268)
----------------------- ----------- ----------- --------- --------- --------- --------- ---------
Total comprehensive
income
for the period - - - - - (268) (268)
At 30 June 2021 8,145 17,336 331 1,534 66,837 (75,993) 18,190
----------------------- ----------- ----------- --------- --------- --------- --------- ---------
Six months to 30 June 2020
(unaudited)
At 1 January 2020 8,145 17,336 331 1,534 66,837 (75,028) 19,155
----------------------- ----------- ----------- --------- --------- --------- --------- ---------
Comprehensive income
Loss for the period - - - - - (369) (369)
----------------------- ----------- ----------- --------- --------- --------- --------- ---------
Total comprehensive
income
for the period - - - - - (369) (369)
----------------------- ----------- ----------- --------- --------- --------- --------- ---------
At 30 June 2020 8,145 17,336 331 1,534 66,837 (75,397) 18,786
----------------------- ----------- ----------- --------- --------- --------- --------- ---------
Year to December 2020 (audited)
At 1 January 2020 8,145 17,336 331 1,534 66,837 (75,028) 19,155
----------------------- ----------- ----------- --------- --------- --------- --------- ---------
Comprehensive income
Loss for the year - - - - - (697) (697)
----------------------- ----------- ----------- --------- --------- --------- --------- ---------
Total comprehensive
income
for the year - - - - - (697) (697)
At 31 December 2020 8,145 17,336 331 1,534 66,837 (75,725) 18,458
----------------------- ----------- ----------- --------- --------- --------- --------- ---------
CASH FLOW STATEMENT
FOR THE SIX MONTHSING 30 JUNE 2020
Year to
31 Dec
20
Six months Six months
to 30 to 30
Jun 21 Jun 20
(unaudited) (unaudited) (audited)
GBP000's GBP000's GBP000's
--------------------------------------------- ----- ------------- ------------- ------------
Loss from operations (268) (369) (697)
Adjustment for:
Finance costs 81 36 100
Changes in operating assets and liabilities
/ working capital:
Increase in receivables (12) (16) (1)
Decrease (36) (34) (14)
---------------------------------------------------- ------------- ------------- ------------
Net cash used in operating activities (235) (383) (612)
---------------------------------------------------- ------------- ------------- ------------
Cash flow from financing activities
Proceeds from borrowings 450 356 1,000
---------------------------------------------------- ------------- ------------- ------------
Net cash generated by financing activities 450 356 1,000
---------------------------------------------------- ------------- ------------- ------------
Net increase/(decrease) in cash and
cash equivalents 215 (27) 388
Cash and cash equivalents at the
start of period 524 136 136
---------------------------------------------------- ------------- ------------- ------------
Cash and cash equivalents at the
end of the period 739 109 524
---------------------------------------------------- ------------- ------------- ------------
1 Basis of preparation
The financial statements for the year ended 31 December 2020 were
prepared in accordance with International Financial Reporting Standards
and IFRS interpretations Committee interpretations as adopted by
the European Union and with IFRS and their Interpretations issued
by the IASB.
On 31 December 2020, IFRS as adopted by the European Union at that
date was brought into UK law and became UK-adopted international
accounting standards, with future changes being subject to endorsement
by the UK Endorsement Board. The Group transitioned to UK-adopted
international accounting standards in its consolidated financial
statements on 1 January 2021. There was no impact or changes in
accounting policies from the transition and the Group will also
continue to comply with IFRS and their interpretations issued by
the IASB.
The Interim Report of the Company for the six months ended 30 June
2021 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 2020 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 2021
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:
Number of shares Six months Six months Year to
to 30 31 Dec
to 30 Jun 21 Jun 20 20
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
Effect of dilutive potential ordinary shares
from share options - - -
----------------------------------------------------------------- ------------- ----------- ---------
Weighted average number of ordinary shares
for the purposes of diluted earnings per
share 162,907 162,907 162,907
----------------------------------------------------------------- ------------- ----------- ---------
Loss Six months Six months Year to
to 30 31 Dec
to 30 Jun 21 Jun 20 20
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 (268) (369) (697)
Potential dilutive ordinary shares - - -
from share options
----------------------------------------------------------------- ------------- ----------- ------------
Loss for the purposes of diluted earnings
per share (268) (369) (697)
----------------------------------------------------------------- ------------- ----------- ------------
Loss per share from operations
Basic and diluted (p) (0.16) (0.23) (0.43)
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END
IR UPUQPBUPGGGB
(END) Dow Jones Newswires
September 10, 2021 02:00 ET (06:00 GMT)
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