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Tanfield Group PLC on Thursday noted that its investee Snorkel International Holdings LLC reported an increase in sales for the second quarter of 2023, and a swing to a profit. Tanfield is a Newcastle-based investing company which holds a 49% interest in Snorkel. Snorkel is a producer of self-propelled, towable and push-around aerial lifts. Snorkel’s second quarter sales rose 7.7% to $50.5 million from $46.8 million a year prior. It swung to earnings before interest, tax, depreciation and amortisation of $1.6 million, from a loss of $4.3 million. Net profit was $1.2 million, swung from a loss of $4.9 million. Tanfield shares last traded at 2.62 pence each on Monday morning in London. On Thursday morning, they were quoted at 3.25p. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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