Tanfield Group is the new company name of Comeleon. As I understand it, Comoleon was getting into trouble so TAN (paerent company?) took over. Since this has happened the share price has dropped by 0.25p each day for the last week or so (on average) and are now around the 3p mark with very little activity.

Does anyone know much about this company or previously held stock in Comeleon? There is virtually no info out there other than on the company website.

cheers

Mike

In case anyone missed it, this was the Daniel Stewart update today on TAN :


Tanfield - HOLD

Price: 106p Target price: 95p

Code: TAN.L Analyst: Mike Stoddart | 0161 830 1892


Strong growth in sales but poor cash flow and disclosure.

Pre-tax profit came in at 12.4m or 13.7m if we add back the re-organisation costs shown in the P/L. This compares with consensus numbers (according to Hemscott) of 15.8m. The shortfall, according to the company, is due to a couple of "one-offs" in the 2007 numbers; a freehold improvement of 3.2m was written off in the period whereas the company had expected to be allowed to capitalise it; a development project in Electric Vehicles which had been capitalised in the H1 results, had to be written off at a cost of 1.6m. There were offsetting releases in the tax line from R&D tax credits so EPS was in line with forecasts at 3.6p.

Cashflow was poor and worse than we expected. There was a working capital outflow of 42m in the period which resulted in a cash outflow from operations of 29m. We would be cautious of Tanfield until this shows signs of stability.

Forecasts - Company guidance is that they are not sure that there needs to be much change to forecasts for 2008. However, in Electric Vehicles, Q1 production (146 vehicles) plus current firm orders (523 vehicles) adds up to 669 vehicles which is 39% below some of the forecasts in the market. We fear that current consensus of c42m pre-tax profit may need to be cut later in the year.

Disclosure is poor: there is no disclosure of the divisional split of profits between Electric Vehicles and Powered Access; there is no disclosure of the contribution from Snorkel.

Thanks PP. A good analysis of the present situation.

With markets like this, the wise have already jumped and having the patience to wait for the turmoil to stop.

Seemingly good results are being pummeled by shorters and short term traders knowing that they can frightened the market, jump on short term movements.

I think that over a two year period with projected earnings and seemingly a good product this company will provide exeptional growth and returns for longterm holders will be good.

I would not be surprised to see the sp up after further digestion of todays figures.

But I am a medium or longterm holder of some companies.

Actually, just been checking the intraday charts, which would suggest to me that with the trade volumes dropping with the sp drop that there is going to be a rebound in the price over the next few hours.

I am not trading this share and hold at the moment more than 50000 of them in SIPPS.

Manganese Bronze Holdings, the maker of the iconic London black taxi, said it has signed an agreement with Tanfield Group Plc.

at 98 i really am having great difficulty in not trying to catch the falling knife

cynic I can understand I bought 2 lots 1st 10k @104p and I have just bought another 20k @ 96.75 .
I thought the results where fine ,I cannot understand the drop.
Good luck

after all the hype the results below expectations in relation to cash burn etc, (there's a wiff that they might have to raise more money in the short term) and there's been a "sell" note released this morning as well..

I'm continuing to hold having bought in a few months ago at 89p... these will recover slowly when the dust has settled and more deals/contracts have been announced (all imho)

Cash burn? when ever I here that I think of Biofuels ...just musing -):

93p now.

Just ridiculous now !

And still going down. Overdone now IMO. TAN repaid a 14.9m bank loan and increased cash & cash equivalent by 14.4m during the period. That's ok in my book.

WH Ireland thinks they are not performing.

wow ! 89p...how low can it go ? must be bargain basement sp by now ?

Just bought back in...what can you say about the drop...? the word ludicrous springs to my mind...this is a good company making money, helping the world to be less dependant on oil !, came back in below 90p, crazy !

Couldn't resist a grab at that falling knife myself, completely against my style!

It's difficult to believe that people are still selling...just like sheep going over a cliff.

5p by Friday?!! ;o)

If it is, you're all going to have a lot of stab wounds :-(

I firmly believe that selling now would be nuts....perhaps I'm wrong but this company will soon be hardly able to cope with the number of orders coming it's way !