Better start for Snorkel
We have now received the Snorkel results for the full year 2022 and first quarter 2023.
In the 12 months to the end of December revenues were nine percent higher than in 2021 at $168.8 million, while generating a net profit of $31.8 million, compared to a loss in the same period last year of $12 million. However, the 2022 result included a special credit of $31.8 million tagged as ‘Related third party forgiveness’. Without this the company would have seen its losses increase to $16.5 million.
Moving on to the first quarter of 2023 the company achieved revenues of $43.5 million, up 4.4 percent on the same quarter in 2022. It also drastically reduced its losses from $4 million last year to loss this quarter of just $113,000, thanks to a substantial improvement in gross margins, partly offset by currency losses and higher sales and general administration costs.
The results were provided in the Tanfield public report, the company is still clinging on to its 49 percent stake in the business. A hearing to decide on the competing claims of Snorkel owners Ahern and Tanfield is due to occur early next year. Tanfield values its stake in the business at around £19 million.