Tanfield Group has narrowed its H1 pretax loss from operations to £117,000, from a loss of £209,000. Revenue was nil.
"During the first six months of 2016, Snorkel achieved sales growth in excess of 25% compared to the same period in 2015 which resulted in $70m of sales for the period.
"The Board feels encouraged by the additional sales which have been achieved and is not aware of any reason why, with the ongoing efforts to further improve the product offering and customer experience, along with the continued commitment to Snorkel by the 51% beneficial owner, this trend should not continue.
"As announced in the 2015 final results on 27 June 2016, the investment in Smith Electric was impaired to nil due to the uncertainty around its future and the level of funding it required.
"The situation continues to be monitored and should some significant progress be made then an update will be provided."
At 10:00am: (LON:TAN) Tanfield Group PLC share price was -0.13p at 12.5p