28th Mar 2022 10:58
Tandem Group PLC - Solihull, England-based sports product distributor - Increases pretax profit by 18% in 2021 to GBP4.7 million from GBP4.0 million. Revenue rises 10% to GBP40.9 million from GBP37.1 million. Company says that the year was affected by stock availability for bicycles. As a result, the division finished 12% behind the previous year. Adds that licensed characters bicycles were 30% behind the prior year due to supply chain issues. Proposes a final dividend of 6.57 pence, up 19% from 5.50p year-on-year.
Company says the current year has started more slowly, with revenue in the 11 weeks to March 20 were 43% behind the same 11 weeks a year prior. Says input costs remain under pressure, further exacerbated by rising energy and hydrocarbon costs as a result of Russia's invasion of Ukraine. Thus enters 2022 with "caution".
Current stock price: 424.00 pence, down 15% in London
12-month change: down 32%
By Heather Rydings; [email protected]
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