THE SLIMMED-down Tanfield group, which sold off its electric van division at the start of the year, says its market is now stabilising after a prolonged recession.
The Washington-based company is now concentrating on its electric platforms business after selling Smith Electric Vehicles to its associate company Smith Electric Vehicles US Corporation (SEVUS) for US$15m (£9.4m). Tanfield retains a 49% stake in SEVUS.
Tanfield said trading in the aerial platforms market has stabilised and the company has consolidated all its powered access products into the Snorkel brand.
Although it warned that the construction industry is still under pressure, Tanfield said that positive sentiments from the equipment rental sector meant it was “cautiously optimistic that stabilisation may evolve into a return to growth in the mid-term”.
Chief executive Darren Kell said: "The return of stability in the aerial lift industry in the second half of 2010 allowed Tanfield to focus on enhancing its Snorkel product range and global sales channels.
"Entering 2011, Tanfield remains debt-free, with a positive cash balance, a very strong product portfolio in powered access and an excellent international distribution network."
The company’s net cash in the bank stood at £3.6m at the end of December, compared to £2.2m on June 30. Tanfield plans to publish its results in April for the year to December 31.
