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Tanfield turnover slumps 68%
Thu, 09 Sep, 2010
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Tanfield turnover slumps 68%
Wed, 30 Sep 2009, 09:08:00
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Tanfield Group
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<b>Tanfield Group</b>, manufacturer of aerial work platforms and commercial electric vehicles, saw turnover slump 68% in the half year as it continued to experience volatility in all its market sectors due to the worldwide recession. Turnover fell to £29.9m against the £92.8m posted in the same period last year. Operating losses came in at £11m, against the £10.2 profits last year. But losses narrowed on a pre-tax level, as the group last year lost £65m due to impairment charges. 'Sales performance across the group continues to be constrained by the global recessionary environment,' said the group. 'However, we took appropriate and timely corrective action to reshape the business. Throughout the period we have consciously run the Company for cash ahead of profitability; a strategy that has maintained the cash position, with the group still retaining a strong balance sheet,' it added. Overall, it expects trading conditions in the second half will be similar to the first half of the year. Given the focus on cash generation, Tanfield is not proposing to pay a dividend for the period.
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