Enova deal boost for Tanfield

Feb 26 2008 by Peter McCusker, The Journal

A POSITIVE day for the FTSE saw property and banking stocks leading the way with the Alliance and Leicester 8.82% higher and Royal Bank of Scotland up 5.03%.

Tanfield Group rose 6.27% as it confirmed that it has negotiated an order with Enova Systems.

The Washington-based manufacturing company specialises in the production of zero emission vehicles and aerial work platforms.

Enova is an electric, hybrid fuel cell digital power manufacturer and the company is expected to supply 1,000 units to Tanfield in 2008 and the order is expected to grow to as many as 3,000 units by 2009.

A Smith Electric Vehicle, which is the trading name for the vehicle produced by Tanfield, has a range of 150 miles and can travel up to 50mph.

Immunodiagnostic Systems said that it has formed an agreement to develop five new major products with Dr Martin Bidlingmaier. The products will mainly be used to detect growth disorders and hypertension. According to Immunodiagnostic Systems, Dr Bidlingmaier was involved in the development of kits to detect the abuse of growth hormones in athletes, which were used in the Athens and Turin Olympics. Shares in Immunodiagnostic Systems rose 1.30% to end the day at 233p.

Elsewhere, Arriva shares were 5.86% higher, and those of Northgate were up 2.12%.

The region's largest riser was Bede, up 15.38%, and most notable faller was SCS Upholstery, down 2.42%.

Ken Oiwa Ken.oiwa@brewin.co.uk