01.02.2011

Tanfield update

Tanfield Group, owner of Snorkel aerial work platforms has issued a brief trading update for 2010, with full results due in April.

The statement says: “Trading for the second half of 2010 was similar to that of the first half and in line with the board's expectations. The company continued to execute its strategy of cash preservation and net cash at 31 December 2010 was £3.6 million (30 June 2010: £2.2m).”

Chief executive Darren Kell added: "The return of stability in the aerial lift industry in the second half of 2010 allowed Tanfield to focus on enhancing its Snorkel product range and global sales channels."

"Entering 2011, Tanfield remains debt-free, with a positive cash balance, a very strong product portfolio in powered access and an excellent international distribution network."