Tanfield sees margins increase and order book improve
By BFN News | 09:14 AM | Thursday 12 April, 2012
Tanfield Group insists the 11% increase in revenue for the year to £48.3m (2010 £43.5m) reflected the improved market conditions constrained by supply chain capacity and working capital constraints in 2011.
Gross margins increased to 37% (2010: 29%)and operating loss before impairments narrowed to £14.99m (2010: £15.83m). Order book was up 296% as of 31 December, at £30.5m (Dec 2010: £7.7m)
As in 2010, the cost base has been held as low as possible without damaging the overall Group infrastructure. The limited growth in the year resulted in the business reporting a reduced loss before tax and results from associate of £15.1m (2010 £16.7m).
Expenses in all categories were very similar to 2010 and improved performance is dependent upon increased volumes.
At 9:14am: (LON:TAN) Tanfield Group share price was +0.25p at 58.5p
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