Tanfield (GB:TAN) has released an update.
Tanfield Group PLC has reported a significant improvement in Snorkel International Holdings LLC’s financial performance for 2023, with a notable increase in sales by 11.8% to US$188.7m and a turnaround to a US$6.3m EBITDA profit from a US$13.8m loss the previous year. This financial uptick is attributed to enhanced gross profit margins and increased product profitability, despite the sale of Snorkel’s largest customer, Ahern Rentals, at the end of 2022. Tanfield, holding a 49% stake in Snorkel post a joint venture with Xtreme Manufacturing LLC, remains focused on ongoing US legal proceedings and the delayed reception of Snorkel’s financial accounts.
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