(Alliance News) - Tanfield Group PLC on Thursday noted that its investee Snorkel International Holdings LLC reported an increase in sales for the second quarter of 2023, and a swing to a profit.

Tanfield is a Newcastle-based investing company which holds a 49% interest in Snorkel. Snorkel is a producer of self-propelled, towable and push-around aerial lifts.

Snorkel's second quarter sales rose 7.7% to USD50.5 million from USD46.8 million a year prior. It swung to earnings before interest, tax, depreciation and amortisation of USD1.6 million, from a loss of USD4.3 million. Net profit was USD1.2 million, swung from a loss of USD4.9 million.

Tanfield shares last traded at 2.62 pence each on Monday morning in London. On Thursday morning, they were quoted at 3.25p.

By Tom Budszus, Alliance News reporter

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