18.12.2007

Tanfield issues trading statement

Tanfield has issued a trading statement prior to entering its closed period for financial information. The statement says highlights massive gains being made in its electric vehicle business and strong progress with the aerial lift division.


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Tanfield says that its second half of 2008 has seen production and sales progress in line with management previously stated expectations, with end user demand remaining strong across all territories and product areas.

It says that “the integration of Snorkel remains on track with cross-selling with UpRight in the second half of 2007 providing further validation of the Snorkel acquisition. Tanfield has achieved continued strong sales in the USA and commenced manufacture of key UpRight products in Snorkel USA facilities for the Americas and other strategic markets, including small to medium sized electric personnel lifts and boom lifts.”

“For UpRight, the Company also commenced manufacture of key Snorkel products at its Vigo Centre headquarters in the UK, including larger, rough terrain scissor
lifts.”


Smith Electric Vehicles

Tanfield has announced an order for 100 electric vehicles, a mixture of the Newton truck and Edison van models, destined for fleet operators across the public and private sectors in Ireland and Northern Ireland.

The company says that this is its largest new customer order to date and was not preceded by the purchase of trial vehicles, suggesting a growing market acceptance for its zero emission technology.

Tanfield has increased production capacity in line with its aim to build 30 vehicles a week by early 2008. Order intake also remains strong for the purchase of single seed vehicles or small fleets for assessment. Fleet operators who have recently ordered seed vehicles include:


•Amey Construction
•Carlsberg
•Cadogen Tate
•Alstec
•A-Plant

Earlier this month the company launched a 12,000kg version of the Smith Newton truck in the USA, at EVS23 in Anaheim, California. The
vehicle was well-received and Tanfield is in discussions to supply Newton to number of fleet operators in North America.

The 12,000kg model is the largest electric vehicle Tanfield has produced to date, and is designed specifically for the US market. It will be powered by a lithium-ion phosphate battery pack and has a range of up to 150 miles.

The Company is on track to commence manufacture of the USA Newton for the North America market early next year.


Outlook

Tanfield say that the outlook for both key divisions remains very healthy, and trading through the second half has been in line with its expectations. Consequently it has increased confidence in continuing its progress throughout 2008.

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