2nd Dec 2015 10:52
LONDON (Alliance News) - Investing company Tanfield Group PLC on Wednesday said its Snorkel International Holdings investee company is performing well and it expects higher revenue for 2015 and for the group to turn to an operating profit in 2016.
Tanfield owns a 49% stake in Snorkel, an aerial lifts company.
Snorkel is expected to deliver around USD120.0 million in sales for 2015, up 30% year-on-year and driving a narrowed operating loss. Tanfield expects Snorkel to produce an operating profit in 2016, assuming the twin trends of higher revenue and cost-cutting continue apace.
The sales growth has been driven by new products being launched earlier in the year and by investments made in expanding the company's engineering, sales and customer service teams, Tanfield said.
Shares in Tanfield were down 1.0% to 15.6001 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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