- Sept 30 (Reuters) - Electric vehicle and lift platforms maker Tanfield
Group Plc swung to a first-half pretax loss mainly due to a series of
impairments and said trading conditions for both its divisions remain
challenging.
The company on Tuesday posted a pretax loss of 65.3 million pounds
($117.7 million) for the six months to end-June compared with a profit of 5.4
million last year on goodwill and assets impairments of 75 million pounds.
Stripping out the impairment charges, the maker of Smith electric cars
and vans reported profit from operations of 10.3 million pounds, up 91 percent,
on revenue from continuing operations up at 92.8 million pounds from 36.8
million.
Tanfield, which has cut staff costs and stopped making Norquip airport
equipment in response to the market downturn, said it is confident cash balances
will start to increase in the final quarter, adding that it does not need to
raise funds.
(Reporting by Tresa Sherin Morera in Bangalore; Editing by Victoria Bryan)
($1=.5548 Pound) Keywords: TANFIELD/RESULTS
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