27th Jun 2016 11:22
LONDON (Alliance News) - Tanfield Group PLC on Monday reported a widened pretax loss for 2015 as it opted to write down the value of its investment in Smith Electric Vehicles Corp.
The investing company reported a pretax loss of GBP4.4 million for 2015, widened from a pretax loss of GBP389,000 in 2014, mostly due to a GBP4.8 million impairment of investments.
Tanfield has a 49% stake in aerial work platform manufacturer Snorkel International Holdings LLC, and a 5.8% stake in Smith Electric. It said that, after writing down the value of its investment in Smith, the current combined value per share of its investments is 27 pence per share.
Shares in Tanfield were untraded Monday morning at 10.75 pence.
Tanfield said that, whilst there has been progress made by Snorkel, there is still a risk of failure, and it will continue to seek to optimise the value of its investments.
"During the year we have continued to monitor the progress of both investments closely. The board feels that some progress has been made towards a realisation in value of the investment in Snorkel following further growth in 2015. The board does not feel that sufficient progress was made by Smith and, following a review of the investment in Smith, decided to impair the investment to a nil value," said Chairman Jon Pither in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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