- Tanfield noted that investee company and aerial work platform business Snorkel International Holdings had posted a deeper first-quarter loss due to rising costs and margin contraction.

Sales at Snorkel in the three months through March rose to $51.6m, up from $44.5m on-year, but its profit margin fell to 11.4% from 12.4%.

'The board have asked both Snorkel and Xtreme to comment on the reasons for the reduction, but their responses provide no useful analysis, other than that to say the reduced margin is likely to continue,' Tanfield said.

Selling, general and administrative costs had also risen, contributing to an operating loss of $0.7m, compared to a loss of $0.2m on-year.

Tanfield owns 49% shareholder of Snorkel.

Last year, it impaired the value of its Snorkel investment from £36.3m to £19.1m.

At 1:44pm: [LON:TAN] Tanfield Group PLC share price was +0.01p at 5.33p

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