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Tanfield Group PLC on Friday said it swung to profit in 2022, thanks to a settlement from its UK court proceedings. Tanfield shares slumped 23% to 2.50 pence each in London on Friday morning. The investment firm headquartered in Newcastle upon Tyne reported pretax profit for 2022 was £4.9 million, swinging from a loss of £514,000. The company said other operating income was £6.9 million, multiplying from £19,000 a year ago, representing a no-fault cash settlement from UK court proceedings in favour of Tanfield. Tanfield did not recognise any revenue in 2022, unchanged for a year ago. The firm noted that US court proceedings - regarding Xtreme’s claim that Tanfield has breached its contract over Snorkel International - are ongoing, with a jury trial set for early 2024. Basic earnings per share were 3.04 pence, swinging from a loss per share of 0.32p. The company did not declare a dividend, unchanged from the year prior. Looking ahead, the company said it is hopeful that 51% held Snorkel International will continue its recovery, with an increase in sales targeted in 2023. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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