Tanfield Group PLC on Monday noted that its investee Snorkel International Holdings LLC swung to a net profit in the third quarter of 2023 amid net sales growth.
Tanfield is a Newcastle-based investing company which holds a 49% interest in Snorkel. Snorkel is a producer of self-propelled, towable and push-around aerial lifts.
Snorkel’s net sales in the third quarter rose 21% to $52.1 million from $42.4 million in the third quarter of 2022. It swung to a net profit of $638,000 from a net loss of $3.8 million a year prior.
Cost of goods sold increased 13% to $44.5 million from $39.5 million.
Looking ahead, Tanfield said it was ‘fully focussed on the US proceedings which are continuing and while the jury trial was previously scheduled to take place in early 2024, in part as a result of Tanfield’s amended counterclaims earlier in the year, the board now expects a new trial date to be set around the end of 2024 instead. The board continues to believe that a positive outcome to the proceedings is possible. So far as it is necessary, the company will continue to vigorously defend its position whilst continuing to seek appropriate advice.’
Back in 2019, the company issued a claim in the English High Court against its former solicitors acting for it at the time of a joint venture between itself and Xtreme Manufacturing LLC, which holds the remaining 51% of Snorkel. In October 2022, the company announced that it had settled its claims in the UK on a no-fault basis.
Tanfield shares were 1.8% lower at 3.80 pence each in London on Monday afternoon.
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