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12 Nov 2019 | 14:33

Tanfield investee company Snorkel posts modest rise in profit

Tanfield said Snorkel, an aerial work platform business of which it owned 49%, had posted a modestly higher profit in the year to date.

Revenue at Snorkel for the nine months through September rose 11% to $169.5m.

However, higher selling and administration costs contributed to operating earnings falling slightly, while net profit had grown modestly to $0.8m, up from $0.7m.

The company is currently part of a legal dispute over the Snorkel investment after it last year received a call option notice over its interest, which it rejected as being invalid.

Last month, it received a summons and complaint, filed in Nevada, relating to the purported call option notice.

At 2:33pm: (LON:TAN) Tanfield Group PLC share price was +0.49p at 4.48p

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