26.08.2021

Snorkel sales pick up

Aerial lift manufacturer Snorkel saw first half revenues climb 19 percent to $71.7 million, while more than halving its net losses for the six months.

The improving trend gathered pace in the second quarter with sales more than doubling to $40.3 million with a loss of $438,000.
Snorkel does not publish its results publicly, but they are disclosed in the interim report by Tanfield, which still owns a 49 percent stake in the business - although that is being contested in the courts.

The Tanfield report said: “Snorkel continues to recover from the impact of the global Covid-19 pandemic, which has impacted its ability to operate as normal, and has seen sales for the second quarter of 2021 increase by around 140 percent to $40.3 million compared to the second quarter of 2020 when sales were only $16.8 million.”

The legal battle between Tanfield and Snorkel owner Don Ahern will be back in court in the US in March next year, and a related case against its advisers the sale of Snorkel will not be heard until next November. Tanfield continues to value the 49 percent holding at $45.5 million.

Vertikal Comment

These reports can only be used as indicators of the numbers, it has to be remembered that until the case with Tanfield is settled there is no great motivation to maximise profits. Snorkel has certainly picked up and is in the process of rolling out a slew of new and innovative models so could really gather steam next year. In the meantime, expect to see the company back in profit for third quarter and second half as production ramps up.