16.11.2022

Tough quarter for Snorkel

The third quarter results for Snorkel have now been published and show slightly higher revenues with increased losses.

Total revenues for the nine months to the end of September were $131 million, up 15 percent on the same period last year. However higher sales and administration costs pushed the new loss from $7.1 million last year to a loss of $12.7 million this year.

Looking at the third quarter sales were roughly flat, with an increase of just over one percent, to $42.4 million, while the loss increased slightly to $3.8 million.

The results have been disclosed in a statement from Tanfield which still retains a 48 percent stake, the value of which is subject to a legal battle which should come to court in a jury trial next summer.

Vertikal Comment

Owner Don Ahern has now sold his rental business and may well focus more on his manufacturing and distribution businesses, but probably not until the legal battle is finalised. And depending on how the market develops in the new year.
See: United to acquire Ahern Rentals

Comments

Eric_L
If I was a conspiracy kinda guy I'd suggest that the profit numbers are being made low in order to pick up the remainder of the business for $1.
But I'm not, so that's clearly not true.

Nov 17, 2022

They abound
Him again.

Nov 16, 2022
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