Tanfield Group, which owns 49 percent of Snorkel and 24 percent of Smith Electric Vehicles, posted a £7.4 million profit from operations before tax in 2013 after a £13.3 million loss in 2012. Xtreme Forklifts, which acquired a 51-percent ownership stake in Snorkel last year, has invested more than $30 million into themanufacturer, according to the Tanfield Group’s financial results for 2013. Tanfield said Snorkel’s production is increasing and the business is taking advantage of the general uplift in the market.
“This has meant that supplier constraints are being alleviated and that production is ramping up in line with the increasing demand,” said Tanfield. “The order book has risen by over 200 percent in the past six months. The annualized run rate of sales has now reached over $100 million. A planned restructuring is taking place to further reduce the breakeven of the business. All the positives regarding order book, output and fixed cost reduction mean the business is moving towards meaningful profitability. The board is satisfied that significant progress continues to be made.”
U.K.-based Tanfield Group has essentially transitioned from a manufacturing company to an investment firm, Tanfield noted in its annual results.