Aerial work platforms manufacturer Tanfield says that second half trading was similar to the trading in the first half of 2010.

The cash outflow appears to have slowed and Tanfield had £3.6m in the bank at the end of 2010. An open offer raised £1.8m last autumn.

AIM-quoted Tanfield completed the disposal of Smith Electric Vehicles to its 49%-owned US-associate Smith Electric Vehicles US on 1 January 2011. Tanfield will receive $15m in 20 monthly payments plus certain assets of the business. If the US company floats then the outstanding money will be paid in full. A Nasdaq flotation is planned. The interest rate on this cash is 4% over base rate.

The remaining aerial work platforms business stabilised in the second half of 2010. The products have been brought under the Snorkel brand. The construction market remains tough and demand is unlikely to pick up significantly in the short-term.

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