Tandem Group revenue surges past £40m despite bicycle supply issues
Sporting equipment supplier Tandem Group has seen revenue jump despite stock availability issues with bicycles.
In results for the year to 31 December, revenue increased approximately 10.4 per cent to £40.9m.
Its bicycle division finished 12 per cent behind the previous year with stock availability having “proved to be a significant problem throughout the year.”
This was both for independent bicycle dealers and national retailer customers, the firm’s chairman said.
The product was the exception for the AIM-listed retailer, with revenue growth in its other three divisions.
Trading for the current year had “started more slowly than we would have wanted,” according to chairman S J Grant.
Grant pointed to “the significant global uncertainty and prevailing economic conditions currently in play.”
For the 11 weeks to 20 March, group revenue was £4.4m, behind some 43 per cent on the comparable period the week before.
The group experienced “exceptionally high” revenue in the comparable period as back orders for 2020 were fulfilled. Revenue for the last three months was seven per cent up on the two year metric.