Aerial work platforms and electric vehicles manufacturer Tanfield Group, which owns the Snorkel and former UpRight lines posted an operating loss of £21.4 million (about U.S. $31.6 million) for the fiscal year ended Dec. 31, compared with the previous year’s profit of £1.3 million.
Revenue plummeted 60 percent to £58.2 million compared with £145.7 million the previous year. The aerial division’s volume dropped from £114 million the previous year to £42 million, a 63-percent dive.
The company has cut costs, with staff reduced by 42 percent. Tanfield said low pricing was a major contributing factor.
“The outlook for the powered access division remains challenging,” the company said. “As we predicted, the major equipment rental companies have confirmed they are unlikely to lift their moratorium on spending during 2010. Given that these customers account for an estimated two-thirds of all global sales of aerial lifts, we expect the entire aerial work platform market to remain depressed and highly competitive.”