Snorkel Reports 296 Percent Order Book Increase in 2011 Statement

Tanfield Group Plc, parent company of Snorkel, announces its preliminary results for the year ending Dec. 31, 2011. Notable statements include a recovery in key markets for aerial lifts with an 11 percent increase in turnover to $77 million (£48.3m). Gross margins increased to 37 percent, and operating loss before impairments narrowed to $23.9 million (£14.99m). As of Dec. 31, 2011, the order book increased 296 percent to $48.6 million (£30.5m).

Jon Pither, chairman of Tanfield, said: "Demand for aerial lifts began to return in key markets during 2011 and grew as the year progressed, clearly demonstrated by the order book we brought into 2012.

"Bottlenecks within the supply chain slowed our rate of growth, but Tanfield still made good progress towards its near-term break-even target. The Company has recently raised additional funds to eliminate significant supply chain constraints and the Board is confident that this will accelerate Tanfield's growth in 2012."

Read the full preliminary report on Tanfield’s website.