Shares in investment company Tanfield Group PLC (LON:TAN) advanced after its investee company Snorkel, the aerial work platform (AWP) business, said it expects modest growth this year.
Tanfield owns a 49% stake in Snorkel, after selling a 51% stake in 2013, and the majority stakeholder is still thought to be keen to buy out Tanfield at some point in the future.
Tanfield’s shares rose 0.5p to 14.1p, and the company said that, although the AWP market remains competitive, Snorkel continues to make progress.
“The board is of the opinion that as progress continues to be made, albeit in a very competitive environment, and if the business is successful in achieving improved profit margins, it should be well placed to benefit from further expansion in the AWP market in 2017 and beyond,” the company said.