7th Feb 2025 15:20
(Alliance News) - Tandem Group PLC on Wednesday said revenue grew in 2024 despite ongoing challenges in the consumer sector amid economic pressures in the UK.
The Birmingham, England-based sports and leisure product retailer said its 2024 revenue was GBP24.6 million, up 11% from GBP22.2 million in the previous year.
The results were supported by a strong second half, which the company said highlights its "adaptability and growth despite external pressures".
It said the market faced further issues due to increased shipping rates and delays in the Suez Canal which "suppressed already subdued consumer spending".
Tandem said it is confident that pretax profit will be in line with market expectations.
"This performance reflects disciplined execution, cost controls, and operational resilience, maintaining profitability in a challenging environment and underscoring the strength of the company's business model," it said.
The firm said revenue increased 20% in its Toys, Sports and Leisure business, and climbed 11% in the Bicycles business. Golf revenue grew 13%.
Revenue fell in Home & Garden, by 22%, due to adverse weather conditions.
Tandem said early signs from January 2025 align with its expectations and it is positioned for sustainable growth.
The company is targeting 2025 revenue growth in line with that seen in 2024.
"The group heads into 2025 with a strong balance sheet and well-managed stock, well positioned for the year ahead, with planned new partnerships with retailers and independent accounts, major operational improvements, and opportunities for international growth," it said.
Tandem shares were up 3.0% to 188.00 pence in London on Friday afternoon.
By Michael Hennessey, Alliance News reporter
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