The company’s board said that it was “encouraged by the positive sentiments emanating from the equipment rental sector”.
It said that it was “cautiously optimistic that stabilisation may evolve into a return to growth in the mid-term”.
Tanfield used to sell some aerial work platforms (AWPs) under the UpRight brand but has now consolidated all of its products under the Snorkel name, which it acquired in 2007.
Tanfield completed the disposal of the Smith Electric Vehicles division to Smith Electric Vehicles US Corporation on 1 January 2011. Tanfield owns 49% of Smith Electric Vehicles US Corp.
CEO Darren Kell said: "The return of stability in the aerial lift industry in the second half of 2010 allowed Tanfield to focus on enhancing its Snorkel product range and global sales channels. Entering 2011, Tanfield remains debt-free, with a positive cash balance, a very strong product portfolio in powered access and an excellent international distribution network."
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