LONDON (ShareCast) - Tanfield Group reported strong progress in its two investments, Snorkel International Holdings (SIH) and Smith Electric Vehicles Corp (SEV), but warned that a longer-term "risk of failure" remained.
Tanfield attributed the success in the year to December 2014 to its business strategy of combined manufacturing and licensing of its technology.

While Tanfield does not hold board seats at SIH or SEV, it holds stakes of 49% and 5.76% respectively.

SIH saw a reduction in supplier constraints, bolstering production and its spares business to a more favourable market backdrop for its products.

Meanwhile, SEV benefited from an exclusive joint venture established in May with Hong Kong stock exchange listed Electric Vehicles Limited, which supports research, development, production and distribution of its all-electric vehicles.



Investment management company Polar Capital Holdings said its annual pre-tax profit was hit by large redemptions from its main Japanese fund.

The London-listed group said pre-tax profit in the year to 31 March fell 5.2% year-on-year to $31.1m, while core operating profit, excluding performance fees, rose 13% to $27.7m.

Assets under management declined 6.8% to $12.3bn, the first time the group has reported a decline in the figure since the financial crisis of 2007.

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