London, July 5, 2026, 19:02 BST
- Tanfield Group Plc (LON:TAN) last reported a price of 5.05p, gaining 5.1%. The bid-offer showed 4.84p against 5.25p on Sunday evening.
- LSE/FTSE Russell data as of July 3 showed the stock dropped 4.72% over the week and 27.15% since the start of the year, underperforming the FTSE 350 by 6.35 points for the week and 34.36 points year to date.
- Tanfield’s £19.1 million carrying value for Snorkel works out to around 11.7p per share, over twice the last traded price. AJ Bell put the market value at £8.22 million.
- Southey Capital said it now holds 7.33% of voting rights, after crossing the threshold on June 29.
London AIM didn’t open Sunday. LSE sticks to its normal 08:00 to 16:30 weekday session. Tanfield heads into Monday as a small, litigation-driven stock instead of a typical industrial operator.
Tanfield’s last quoted price was 5.05p, a gain of 0.25p, with bids at 4.84p and offers at 5.25p. That’s a spread of 0.41p, or about 8.1% of the mid, wide for a stock valued around £8 million.
There was no operating update last week. The only news from the company was a holdings RNS dated June 30. Southey Capital Ltd reported 11,937,615 voting rights, or 7.33%, following a threshold crossing on June 29. At 5.05p, those shares came to about £603,000.
The main figure is still the drop from Snorkel’s valuation. Tanfield’s 2025 books left its 49% Snorkel International stake at £19.1 million. Data from LSE/FTSE Russell shows 162.907 million shares out and a latest book value of 13p per share.
| Measure | Figure | Market read |
|---|---|---|
| Last quote | 5.05p | Puts equity value just under £8.2 mln |
| Snorkel carrying value | £19.1 mln | Works out to about 11.7p for each share |
| Discount to Snorkel value | About 57% | Market still factoring in court schedule |
| Total assets at Dec. 31, 2025 | £21.2 mln | Comes to about 13.0p a share |
| Cash around report date | £1.5 mln | Near 0.9p for each share |
| Price/book, LSE/FTSE Russell | 0.4x | Sits under peer benchmarks |
For shareholders, the gap is key since Tanfield isn’t priced on revenue growth. The 2025 accounts reported zero turnover and a £1.8 million operating loss. The company blamed the loss on higher legal bills connected to the U.S. case. Chairman Daryn Robinson signed off on the accounts and said the plan is to give “as much as possible” of any value realised back to shareholders. Tanfield Group
Snorkel International Holdings LLC makes up most of the value here. That’s an aerial work platform business. Tanfield also owns 5.76% of Smith Electric Vehicles Corp, which it values at zero. It doesn’t have board seats in either company and there’s no set time for holding these stakes.
Tanfield says the main legal issue is that Snorkel can’t take its 49% stake for nothing. In an April update, Tanfield said the court found Snorkel did exercise a call option in November 2018 and now has to pay the Priority Amount, Preferred Return, and an Option Price.
Robinson said in the annual accounts the unresolved issues are “Tanfield’s counter claims” and the Option Price. The company also said Snorkel had lodged a notice of appeal against the court decisions. Tanfield Group
LSE/FTSE Russell’s July 3 tear sheet gave context to the moves: shares were up 5.10% that day, yet down 4.72% for the week. Loss for the year to date was at 27.15%.
| Price performance | Tanfield | Difference vs FTSE 350 |
|---|---|---|
| 1 day | up 5.10% | up 4.83 pts |
| 1 week | down 4.72% | off 6.35 pts |
| 4 weeks | up 5.10% | gained 2.20 pts |
| 52 weeks | up 2.96% | down 16.65 pts |
| Year to date | down 27.15% | lost 34.36 pts |
Tanfield’s book multiple came in much lower than Weir Group Plc (LON:WEIR) and Somero Enterprises Inc (LON:SOM) among ICB Machinery: Construction and Handling peers, but its shares have dropped more so far this year.
| Company / group | YTD price change | Last calendar year | Price/book | 5-year EPS growth |
|---|---|---|---|---|
| Tanfield Group Plc (LON:TAN) | down 27.1% | up 90.8% | price/book at 0.4x | EPS down 19.1% |
| Weir Group Plc (LON:WEIR) | fell 11.9% | added 30.3% | 3.4x | EPS up 11.0% |
| Somero Enterprises Inc (LON:SOM) | lost 14.8% | dropped 32.3% | 1.6x | EPS down 10.7% |
| Peer average | off 17.9% | gained 29.6% | 1.8x | EPS dropped 6.3% |
Looking to next week, Tanfield has no scheduled July events on its calendar. Interim results are expected before Sept. 30, with the year ending December 31.
