Tanfield Group PLC

First-pass take

Tanfield is a passive holding company with 85% of value tied to Snorkel, a traditional aerial work platform manufacturer. Snorkel saw sales decline 5% in 9M 2024 with operating margin compression (loss of $1.6m vs. prior profit). No AI exposure, manufacturing business with no operating leverage. Company loss-making (£403k operating loss), burning cash, with disputed valuation on main asset tied up in US litigation lasting until late 2025.