TANFIELD, which sold off its electric van business at the end of last year, remained in the red but says the market for its aerial lifts is starting to recover.

The Washington-based business’ sales remained steady at £43.5m and it operating loss dipped slightly to £15.8m from £16m in the year to December 31.

The figures do not include its electric van division, which it sold to American associate company Smith Electric Vehicles US (SEVUS) for £9.4m. Tanfield still owns around a third of SEVUS.

But it is now concentrating on its Snorkel cherry picker equipment and said the market is finally showing signs of picking up after being hard hit by the economic downturn last year and in 2009.

Chief executive Darren Kell said: “We have stuck to our guns in terms of preserving our people and core skills for the longer term recovery, rather than chasing inappropriate short term reductions in overhead, and we continue to enhance and expand the Snorkel product range and distribution channels.

“As the market for aerial lifts is now beginning to return to growth, we expect that 2011 will be a transitional year, where we move closer to a break-even position.

“With a healthy cash balance and no debt, I believe Tanfield is on the right path to recovery and a secure future.”