• 30 Sep 25
 

Tanfield Group PLC - Interim Results for six-month period 30 June 2025

Tanfield Group Plc | TAN | 5.2 0 0.0% | Mkt Cap: 8.39m


 
RNS Number : 2653B
Tanfield Group PLC
30 September 2025
 

This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, 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 2025

 

 

Tanfield, an investing company as defined by AIM Rules, announces its half year results for the period ending 30 June 2025. The unaudited financial information will shortly be available on the Company website at www.tanfieldgroup.com.

 

Background and highlights

 

·    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.

 

·    The Snorkel investment is valued at £19.1m.  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.

 

·    The Company's loss in H1 2025 increased to £540k (H1 2024: £97k) as a result of increased legal and professional fees in preparation of the trial relating to the US Proceedings beginning in December 2025.

 

·    As at 30 June 2025, the Company had cash and short-term deposits of £2.8m (Dec 2024: £3.2m).

 

 

Overview of investments

 

As announced on 19 May 2025, the Court in the US Proceedings granted the Company's Motion for Partial Summary Judgement, confirming that under the terms of the agreement of the Contemplated Transaction, Snorkel is required to pay the Preferred Interest (approximately $25m on 30 September 2018) prior to, or in conjunction with, the exercise of the Call Option.  In doing so, the Court confirmed that the Company's 49% interest in Snorkel cannot be acquired for $0 (nil), as alleged by Xtreme in the US Proceedings.

 

The Company continues to focus on other matters relating to the US Proceedings, which are continuing, with the trial beginning in December 2025.  The Board continue to believe that a positive outcome to those proceedings is possible and, so far as it is necessary, 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                                                                  0203 829 5000

Daryn Robinson                                                                                               

 

Zeus Capital Limited- Nominated Advisor / Broker

James Joyce / Andrew de Andrade                                          0203 829 5000

 

 

STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDING 30 JUNE 2025



 

 


Six months to

30 Jun 25 (unaudited)

Six months to

30 Jun 24 (unaudited)

Year to

 31 Dec 24

 (audited)

 

 



£000's

£000's

£000's

 

 




 

 

 

Revenue



-

-

-

 

Staff costs



(101)

(79)

(159)

 

Other operating income



3

11

16

 

Other operating expenses



(491)

(116)

(260)

 

Loss from operations



(589)

(184)

(403)

 

Finance expense



-

-

-

 

Finance income

 

 

49

87

132

 

Loss before tax



(540)

(97)

(271)

 

Taxation



-

-

-

 

Loss & total comprehensive income for the period attributable to equity shareholders

(540)

(97)

(271)

 

 






 

 






 

 


 


 

 

 

Loss per share


 


 

 

 

Basic and diluted (p)



(0.33)

(0.06)

(0.17)

 







 



 


 

 

 


















 

BALANCE SHEET

AS AT 30 JUNE 2025



 

 

 

30 Jun 25

(unaudited)

30 Jun 24

(unaudited)

31 Dec 24

(audited)

 

 

 

 

£000's

£000's

£000'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



30

79

44

 

Cash and cash equivalents



430

3,333

2,909

 

Short-term deposits



2,350

-

300

 




2,810

3,412

3,253

 







 

Total assets


 

21,910

22,512

22,353

 







 

Current liabilities






 

Trade and other payables



162

50

65

 

 



162

50

65

 

 






 

Total liabilities

 

 

162

50

65

 







 

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



(72,104)

(71,390)

(71,564)

 

Total equity


 

21,748

22,462

22,288

 

 


 

 

 

 

 

Total equity and total liabilities


 

21,910

22,512

22,353

 

 

 





 















STATEMENT OF CHANGES IN EQUITY

 

 

 

Share capital

 

Share premium

 

Merger reserve

 

Special reserve

 

Retained earnings

 

Total

 

£000's

£000's

£000's

£000's

£000's

£000's

Six months to 30 June 2025 (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At 1 January 2025

8,145

17,336

1,534

66,837

(71,564)

22,288

Comprehensive income







Loss for the period

-

-

-

-

(540)

(540)

Total comprehensive income for the period

-

-

-

-

(540)

(540)

At 30 June 2025

8,145

17,336

1,534

66,837

(72,104)

21,748

 

 

 

 

 

 

 

 

 

Six months to 30 June 2024 (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At 1 January 2024

8,145

17,336

1,534

66,837

(71,293)

22,559

Comprehensive income







Loss for the period

-

-

-

-

(97)

(97)

Total comprehensive income for the period

-

-

-

-

(97)

(97)

At 30 June 2024

8,145

17,336

1,534

66,837

(71,390)

22,462

 

 

 

 

 

 

 

 

Year to December 2024 (audited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At 1 January 2024

8,145

17,336

1,534

66,837

(71,293)

22,559

Comprehensive income







Loss for the period

-

-

-

-

(271)

(271)

Total comprehensive income for the year

-

-

-

-

(271)

(271)

At 31 December 2024

8,145

17,336

1,534

66,837

(71,564)

22,288


























 

 

 


CASH FLOW STATEMENT

FOR THE SIX MONTHS ENDING 30 JUNE 2025



 

 

Six months to 30 Jun 25 (unaudited)

Six months to 30 Jun 24 (unaudited)

Year to

 31 Dec 24

 (audited)

 

 

 

£000's

£000's

£000's

 

 





 

(Loss)/profit before tax


(540)

(97)

(271)

 

Adjustment for:

 

 

 

 

 

Finance expense


-

-

-

 

Finance income


(49)

(87)

(132)

 

Changes in operating assets and liabilities / working capital:





 

(Increase)/decrease in receivables


14

(21)

14

 

Increase/(decrease) in payables


97

(22)

(7)

 

Net Cash used in operations

 

(478)

(227)

(396)

 

 





 

Cash flow from Investing Activities





 

  Interest received


49

87

132

 

  Short-term deposits


(2,050)

-

(300)

 

Net Cash used in investing activities

 

(2,001)

87

(168)

 

 





 

Net decrease in cash and cash equivalents

 

(2,479)

(140)

(564)

 

Cash and cash equivalents at the start of period


2,909

3,473

3,473

 

Cash and cash equivalents at the end of the period

 

430

3,333

2,909

 








 

 

 

1  Basis of preparation

The Interim Report of the Company for the six months ended 30 June 2025 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 2024 which is available on request from the Company's registered office, c/o Weightmans LLP, 1 St James' Gate, Newcastle upon Tyne, NE1 4AD 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 2025 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:

 

 


Six months

Six months

Year to

 

 


to 30 Jun 25

to 30 Jun 24

31 Dec 24

 

 


 

 

 

 

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


£000's

£000's

£000's

 

Loss for the purposes of basic earnings per share being net profit attributable to owners of the parent


 (540)

(97)

(271)


 

 

 

 

Loss per share from operations

 

 



 

Basic and diluted (p)

 

(0.33)

(0.06)

(0.17)

 

 















 

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