25 May 2012

Tanfield loses £22.5m

07/05/2010 Robert Tyerman

Zero emission commercial electric vehicle maker Tanfield Group has reduced annual pre-tax losses from £88.8 million to £22.5 million on plunging turnover.

The North Country-based fallen AIM star, which also makes aerial work platforms, suffered a revenue fall of 60 per cent to £58 million last year, which chief executive officer Darren Kell blames partly on the economic downturn and the lack of credit available to potential customers. Pre-tax losses fell only because asset impairment provisions had hit 2008's figures by nearly £90 million: at the operating level Tanfield turned a £1.3 million profit into a loss of £21.4 million.

Formerly run by the enthusiastic but controversial Roy Stanley, the company, which ended 2009 with cash halved to £5.4 million, has 'executed a plan to sustain the business during the economic recession and prepare it for the eventual upturn', proclaims entrepreneurial chairman Jon Pither. He says the company is focusing on exports to countries which offer incentives for using electric vehicles, including China, France and Germany, and is managing cash 'prudently' and cutting costs 'while retaining core employee skills and competences'.

Floated at 165p 10 years ago, Tanfield shares surged above £2 in 2007 before collapsing to below 20p when the previous management regime's problems came to the fore. Now 27p, down 6p this morning, they value the company at £20 million and are strictly a speculation for the determinedly bold.

Tags: AIM, Boardroom moves, Cash, Emerging markets

Sector: General Industrials

Companies: Tanfield

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