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Tanfield shifts into reverse
Tue, 07 Feb, 2012
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Tanfield shifts into reverse
Fri, 7 May 2010, 14:41:00
Shares in <b>Tanfield</b>, the manufacturer of aerial work platforms and commercial electric vehicles, were down in the basement on Friday as the company plunged into the red. "As we predicted, 2009 was a tough year for the group and we expect 2010 will also be challenging," said the chairman of Tanfield, Jon Pither. Loss from operations before impairments was £21.44m compared to a profit of £1.33m the year before. Losses before tax narrowed to £22.46m from £88.79m. Revenue slumped to £58.16m from £145.73m as the credit crunch choked off demand for the group's products. The Powered Access division saw turnover run down to £42m from £114m the year before while sales of zero emission vehicles tumbled to £15m from £25m in 2009, though the board thinks sales of commercial electric vehicles will pick up again in 2010. "The outlook for the Powered Access division remains challenging. As we predicted, the major equipment rental companies have confirmed they are unlikely to lift their moratorium on spend 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," the company said.
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