Tandem Group PLC AGM Statement (7937I)
22 June 2017 - 4:00PM
UK Regulatory
TIDMTND
RNS Number : 7937I
Tandem Group PLC
22 June 2017
Tandem Group plc
Annual General Meeting ("AGM") Statement
Chairman, Mervyn Keene, will make the following statement at
today's AGM:
"For the 24 week period to 16 June 2017 revenue was
approximately 5.5% ahead of the comparative period last year.
In our sports, leisure and toys businesses revenue was ahead of
the prior year, driven by strong growth from both licensed and own
brands.
Cars 3, Paw Patrol, Trolls and Batman licences performed
strongly.
Our own brands including Hedstrom, Stunted, Airwave and
Electrick were also ahead of the prior period.
Although revenue from our bicycles and mobility businesses was
behind the prior period, following the restructuring exercise
undertaken in the fourth quarter of last year, we are pleased to
report that we have transformed the loss making bicycle business
into profit. We anticipate that we will be able to maintain
profitability for the full year.
The launch of a new range of lightweight junior bicycles under
the Squish brand has been a particular success and we are pleased
with the momentum that this is gathering.
Our new entry level British Eagle range will be delivered to
customers from early July as we fulfil the order book for these
cycles.
Based on performance so far, we are cautiously optimistic for
the second half of the year. Although profit margins remain under
pressure due to a weak sterling/dollar exchange rate and continuing
economic uncertainty, we have taken a number of measures to
mitigate this impact. In addition, our forward order book is
currently over 35% ahead of this time last year.
In accordance with our announcement on 12 April 2017 and subject
to approval at today's AGM, a dividend of 2.60 pence per ordinary
share will be paid on or around 3 July 2017 to shareholders that
were on the register on 19 May 2017."
Enquiries:
Tandem Group plc
Steve Grant, Chief Executive
Jim Shears, Group Finance Director and Company Secretary
Telephone 0121 748 8075
Nominated Adviser
Cairn Advisers LLP
Tony Rawlinson
James Caithie
Telephone 020 7213 0880
This information is provided by RNS
The company news service from the London Stock Exchange
END
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