Tanfield Group Plc Provides Snorkel Investment Update
Why we think this is bad
The RNS highlights a decline in Snorkel's sales and EBITDA, as well as ongoing legal proceedings that could impact the valuation of Tanfield's Snorkel investment. These negative factors outweigh the positive sentiment that the Board continues to believe in a positive outcome to the US Proceedings.
Key Points
- Snorkel's sales for the first 9 months of 2024 decreased by 5.4% to US$137.3m
- Snorkel's EBITDA for the first 9 months of 2024 dropped to a loss of US$1.9m
- The jury trial previously scheduled for March 2025 has been rescheduled for a 5-week stack beginning in October 2025
- The Board continues to believe that a positive outcome to the US Proceedings is possible
Summary
The investment company reports a decrease in sales and profitability for its aerial work platform business, Snorkel, and ongoing legal proceedings that could affect the valuation of this key investment.
Tanfield Group Plc has provided an update on its 49% investment in Snorkel International Holdings LLC, an aerial work platform business. The key points are:
- Snorkel's sales for the first 9 months of 2024 decreased by 5.4% to US$137.3m, with EBITDA dropping to a loss of US$1.9m.
- The jury trial previously scheduled for March 2025 has been rescheduled for a 5-week stack beginning in October 2025.
- The Board continues to believe that a positive outcome to the US Proceedings is possible.
Key Dates
October - November 2025
until 11/5/2025
General
Rescheduled 5-week jury trial for the US Proceedings
Impact Score: 8
GENERAL UPDATE