Electric van firm Tanfield, insisted, that the reduction of credit facilities in the global financial markets has led to a considerable increase in vehicle orders. After sales fell by 60% to £58m during 2009, the Washington-based firm slumped to a £22m loss from a £1.3m operating profit.
The firm’s aerial work platforms division has witnessed production all from around 5,000 annual units a year, in recent years. As a matter of fact, it expects that the production levels, which produced revenues of £42m in 2009, to remain stationary this year.
Its electric vehicle division, Smith Electric Vehicles recorded sales of £15m last year.
Chief Executive Officer Darren Kell said, “This year is likely to be the same as last year, with no real signs of recovery in the powered-access division. However, in the electric vehicle division, we have won a number of significant new contracts and are starting to see real traction”.
Tanfield took more than £15m out of its staff cost base in 2009, and axed about 150 posts, but according to Mr. Kell, it has begun to hire resources once more for the electric vehicle division.
The company currently employs 220 people across both divisions, which is around 10 up on six months ago, and Mr. Kell says he expects to recruit around a further 20 staff this year.
Tanfield Chairman, Jon Pither, shared that 2009 was a tough year for the group, and 2010 will be challenging too.
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