UPDATE 1-Electric vehicle maker Tanfield posts FY loss
* Sees no sign of industry improvement in 2010
* Depressed demand continues in North America, Europe
* FY revenue falls 60 pct (Adds details)
May 7 (Reuters) - Britain's Tanfield Group Plc (TAN.L) swung to a full-year operating loss as both its core business units were hurt by subdued demand amid an economic slowdown, and said it saw no sign of any industry improvement in 2010.
The maker of commercial electric vehicles said on Friday depressed demand continued, particularly in North America and Europe, and that the overall sector outlook remained tough.
"The lack of access to credit continued to inhibit our customers in the zero emission vehicles and powered access divisions," Chief Executive Darren Kell said in a statement.
Tanfield said it saw little or no expectation of improvement in the powered access division until 2011.
For the year ended Dec. 31, the company posted an operating loss of 21.4 million pounds ($31.6 million), compared with a profit 1.3 million pounds last year.
Revenue fell 60 percent to 58 million pounds.
The company said it was continuing talks with Smith Electric Vehicles US regarding its offer for Tanfield's electric vehicle unit. [ID:nSGE6290AM]
Tanfield shares closed at 33 pence on Thursday on the London Stock Exchange. ($1=.6775 POUND) (Reporting by Tresa Sherin Morera in Bangalore; Editing by Maju Samuel)
- Obama and Castro shake hands, Zuma humiliated at Mandela memorial |
- Google bus blocked in San Francisco gentrification protest
- Reporter can keep sources secret in Colorado theater shooting: court
- Couple, four children missing in Nevada found safe in canyon
- Regulators seek to curb Wall St. trades with Volcker rule |