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Share price slump at Smith Electric's parent company
Page 16
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THE TANFIELD GROUP, parent company of Smith Electric Vehicles, has seen its share price fall dramatically in the wake of a major profit warning.
In a statement, the company cites a fall in demand. reduction in access to credit and capital freezes as the key causes of the share collapse. From a peak of 203.5p in July 2007. they closed last week at 5.53p.
Difficulties at Smith Electric are partly attributed to supply-chain issues including hard tooling on battery container systems and technical production problems.
These in turn have affected vehicle production and revenue. While the directors expect the supply issues to be resolved by the end of this year, there continue to be areas in which volume supply is unproven, and the forecast sales of electric vehicles are now lower than previous market expectations.