11th Jan 2007 07:01
Tanfield Group PLC11 January 2007 Tanfield Group PLC ('Tanfield' or 'the Group') Trading update The Directors of Tanfield are pleased to report on developments in the latterpart of the financial year ending 31 December 2006 and confirm that they remaincomfortable with market estimates for the year just completed. Significant highlights of this period include: Powered Access DivisionTanfield's aerial work platform division, UpRight Powered Access, hassuccessfully completed its transition to the Group's new UK production facility,Vigo Centre. Vigo Centre is now fully operational, with the total transfer of UpRight machineassembly from the former UpRight factory in Dublin, Ireland, delivered onschedule. For the first time last week, Vigo Centre achieved production output of morethan 50 UpRight machines. The Directors now expect to achieve consistent outputof 100 units per week by the end of February - well in advance of the originaltarget date. 100 units per week will mark the successful completion of Phase Twoof the production plan, with further incremental increases in machine output tofollow during 2007. The order book remains buoyant, including another fleet order last week for 120UpRight Powered Access machines, in excess of 1 million Euros, for a client inScandinavia. The Group has already re-introduced manufacture of key strategic product linesat its facility in Fresno, California and will officially re-launch the UpRightbrand in North America at The Rental Show in February. Specialist Vehicles DivisionThe Smith Newton, the world's first high-performance 7.5 tonne electric truck,has been extremely well received since its launch in December 2006. Smith Electric Vehicles has trials of Newton underway with both business-to-business delivery company TNT Express UK and contract logistics operator CevaLogistics. TNT Express UK has already committed to purchasing up to 200 Newtons over the next two years, subject to the results of the trial. TNT NV ispresently carrying out a far-reaching feasibility study to assess the economicviability of deploying Newton in other major European urban centres. Interest in Newton from major fleet operators remains extremely high and theGroup is in negotiations with a significant number of major companies oversimilar trials. Smith Electric Vehicles remains on course to launch several new zero emissioncommercial vehicles in 2007, including variations on the Newton chassis, plusthe Smith Edison all-electric van.Darren Kell, Chief Executive of The Tanfield Group Plc, said: "UpRight PoweredAccess production is now fully transitioned and de-risked. "We are ahead of schedule to further significantly ramp up volume output ofUpRight Powered Access products. In addition, the global appetite for UpRightproducts continues to grow across Europe, the Middle East and Asia-Pacificterritories. "The take-up in these markets has surpassed our initial expectations andreinforces our view on the worldwide level of brand loyalty for UpRightproducts. We anticipate the re-launch of UpRight in North America next monthwill elicit a similarly strong response. "Enquiry levels for Smith Electric Vehicles are at an all-time high, followingthe successful launch of the Smith Newton. "Newton reinforces our position as the world leader in road-going commercialelectric vehicles and provides us with an excellent platform to further developsales, in both the UK and Europe." Enquiries: Darren Kell, Chief Executive,Tanfield Group Plc Tel. 0845 1557 755 Lindsay MairDaniel Stewart & Company Plc Tel. 020 7776 6550 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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