REG - Tandem Grp PLC - Half Yearly Report
20/09/2023 07:00
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RNS Number : 9882M Tandem Group PLC 20 September 2023
Tandem Group plc
(the 'Company' or 'Group')
Interim results for the six months ended 30 June 2023
The Board of Tandem Group plc (AIM: TND), designers, developers, distributors
and retailers of sports, leisure and mobility equipment, announces its
unaudited interim results for the six months to 30 June 2023.
Summary
· Successful completion of the Group's purpose built, solar powered
warehouse
· Continued focus on efficient inventory management
· Group revenue in the six months to 30 June 2023 of £9.8 million
(H1 2022: £12.9 million)
· Gross profit of £2.5 million (H1 2022: £4.0 million), with a
decrease in gross margin, to 25.9%, primarily as a result of foreign exchange
movements
· Loss before taxation of £0.9 million (H1 2022: profit of £0.3
million)
· Postponement of the interim dividend taking into account
performance in H1
· Cash and cash equivalents of £2.0 million as at 30 June 2023
· Net assets at 30 June 2023 increased to £25.9 million (H1 2022:
£23.0 million)
· Net debt as at 30 June 2023 of £3.1 million (30 June 2022: £1.5
million)
· Amidst a difficult economic environment, there have been
encouraging signs, with the Group's resilient performance driven by the
continued success of our initiatives within eMobility, a strategic focus of
the Group.
· Turnover in the Group's eMobility segment was 53% higher than in
the comparative period.
Enquiries:
Tandem Group plc
Peter Kimberley, CEO
David Rock, Company Secretary
Telephone 0121 748 8075
Nominated Adviser
Cavendish Securities plc (Nominated Adviser and Broker)
Ben Jeynes / Dan Hodkinson - Corporate Finance
Michael Johnson - Sales
Telephone 0207 220 0500
CHAIRMAN'S STATEMENT
The Group has continued to experience a challenging trading environment
resulting from macroeconomic factors and a transition of buying behaviour from
a Freight On Board (FOB) to Direct Delivery (DD) basis within the Toy side of
the business, altering the pattern of our sales, aligning it closer to the end
customer buying behaviour. We continue to be well placed to service the
movement to DD in Toys following the completion of our brand new, fully
operational warehouse.
Notwithstanding the current trading environment, we are extremely pleased by
both the Group's resilient trading performance when compared to industry peers
and to see strong growth in our eMobility category resulting from our
strategic focus on our product range in this sector.
Results
The Group revenue in the six months to 30 June 2023 decreased by approximately
24% to £9.8 million compared to £12.9 million in the six months to 30 June
2022.
There was a 37% decrease in gross profit from £4.0 million to £2.5 million.
Gross profit margin decreased to 25.9% compared to 31.0% in the prior period
primarily as a result of favourable foreign exchange variances in the prior
period.
Despite inflationary pressures, operating expenses maintained their level at
£3.4 million in the six months to 30 June 2023, with inflationary pressures
offset by the ongoing careful management of costs.
As a result of the above, operating profit before exceptional expenses in the
prior period of £0.6 million became an operating loss of £0.9 million in the
current period.
We have substantially mitigated the increasing interest rate effect on our
borrowing costs with the interest rate hedge instrument we put in place in
June 2022, which is effective until May 2029. Finance costs were £0.15
million in the six months to 30 June 2023. This compared to a cost of £0.12
million in the prior year period and is the result of drawdowns on agreed loan
facilities to fund the completion of the new warehouse from June 2022.
Exceptional costs were £0.1 million, primarily in relation to employment
related expenses and costs relating to the consolidation of operations of the
Group.
Cash and cash equivalents were £2.0 million at 30 June 2023 which compared to
£3.2 million at 30 June 2022. The reduction is a combination of warehouse
completion costs, offset in part by the diligent management of inventory,
which over the 12 month period has decreased to £5.9 million compared to
£8.6 million at 30 June 2022.
Net debt after borrowings was £3.1 million compared to £1.5 million at 30
June 2022. The movement was the result of loan facility drawdowns to fund the
completion of the new warehouse.
Net assets at 30 June 2023 increased to £25.9 million against £23.0 million
at 30 June 2022, supported by an uplift in our property values.
Trading update and outlook
Stubbornly high inflation coupled with persistent increases in interest rates
have had a direct impact on consumers' disposable income, leading to reduced
spending across certain categories. This has been further impacted by
persistent unfavourable weather conditions. As a result, group revenue to 15
September 2023 was approximately £15.1 million compared to £19.1 million for
the same period in the prior year.
Toy sales, typically considered recession-proof, have slumped in Britain this
year, according to a market analyst, particularly the outdoor toy market due
to the poor weather. This decline has impacted our revenue in Toys, Sports and
Leisure which has reduced 44% in H1 against H1 in the prior year.
The declining trend in FOB sales within our Toys, Sports and Leisure segment
has continued to impact our overall turnover and the timing of realising
sales, however we continue to see an uptake in DD business as more customers
transition away from FOB.
We are perfectly placed to handle this shift in the anticipated sales pattern
following the successful completion of our purpose built, solar powered
warehouse, removing our reliance and cost of 3(rd) party warehouse facilities,
helping us realise operational efficiencies through consolidating our
operations across a single site, allowing us to easily cross sell product on
single shipments, and importantly providing capacity for future growth.
The Board maintain a high level of optimism regarding the performance of both
new and existing licenses. Notably, Barbie continues to contribute to our
positive outlook. We are also pleased to report that we have reached agreement
to renew existing licences including Marvel, CoComelon, LOL, Bluey, Disney,
and Peppa Pig, where will continue our strategy to innovate new products.
In our bicycle division, we are delighted that we continue to outperform the
market, and our turnover, including electric bikes, is ahead of our prior year
turnover level for H1 by 19%, despite published market data showing that the
total bicycle market value is down compared with the first six months of 2022,
mechanical bicycles in particular have fallen further having already hit a 20
year low last year.
Our lightweight children bike brand, Squish, continues to see success and is
also ahead of the prior year. We are also pleased to have partnered this year
with children's cycle training organisation, Bikeability. The fourth quarter
of 2023 will see the release of new product additions across our core bike
brands, Dawes, Claud Butler, Falcon and Squish.
One of our key strategic focuses continues to be electric bikes, and we are
pleased that this is yielding substantial returns. Our electric bike sales
have surged to more than 2.5 times the figures of the previous year during H1,
and continues to grow at that level to date, a testament to the effectiveness
of our strategy. The development of our new ranges of electric bikes has been
met with resounding success, garnering strong popularity among our bike
dealers. Turnover in our eMobility segment is 53% higher in H1 for 2023
against H1 for 2022.
Our continued focus on eMobility aligns with the UK Government who continue to
promote their commitment to encouraging sustainable travel methods. This
resolute effort towards reduced carbon emissions has culminated in the
expansion of the Ultra Low Emission Zone (ULEZ) program. As the ULEZ
boundaries extend, the expectation is that this initiative will serve as a
powerful catalyst in encouraging greater adoption of electric methods of
travel, which the Group is well placed to benefit from.
Both our physical retail shop and the ElectricLife website are exceeding
expectations with the introduction of market leading eBike brands Orbea,
Whyte, Quella, Pure and we are continuing to talk to a number of other leading
brands. These channels remain integral to our operational success and our
commitment to meeting the evolving needs of our customers. Our social media
Instagram followers have grown 38% year to date, with our Return on
Advertising spend increasing 267% underpinned by an improved conversation rate
of 178% year to date compared to the same period last year.
Our Home and Garden division has been particularly impacted by the poor
weather experienced in 2023 compared to 2022, having recorded some of the
wettest months on record this summer. Turnover has declined 27% in H1 against
the same period in the prior year. We are seeing continued growth in our
visitor numbers, conversion rates to improve this position, our website
conversion rate has increased +36% compared to the same period last year
(January-August), aligning with our strategic integration of our standalone
garden and leisure websites onto Jack Stonehouse. We have further optimised
and managed our marketing activity, reducing our Pay Per Click investment by
24% compared to the same period last year, which in turn has delivered +17%
improvement in our Return on Advertising Spend. Our social media followers
across our Instagram channel has increased by over 25% year to date.
We remain focussed in ensuring that we offer the latest innovative products in
this category, and will be introducing an exciting range of new products, due
for launch in the coming months and in time for the Christmas and Winter
period where we anticipate high demand for these products.
Our management team have been actively engaged in several key strategies
around the management of our inventory which has been pivotal in ensuring
healthy cash balances and being able to offer fresh exciting ranges to
customers. Consequently, we have refined our demand forecasting models to
adapt to the changing market conditions as we have seen the transition from
FOB to DD buying.
The continuous focus has led us to a reduced inventory level of £5.9 million
compared to the end of the comparable prior year period level of £8.6
million. At the end of August 2023, this had reduced further to £4.8 million.
We are continuously improving our sourcing strategy, driving down costs and
reducing lead times by working closely with our suppliers and logistics
partners, and have consolidated the overall number of suppliers we use leading
to greater efficiencies going forward.
As part of our strategy on driving new independent and national accounts
across all sectors, we are pleased that this year we have opened 3 new large
national accounts, 54 new golf accounts, 81 independent bike dealer accounts
and a leisure experience account.
In recent months we have faced escalating carriage costs, particularly on
bicycles following the collapse of Tuffnells who were our primary partner.
However, logistical costs have now returned to historical levels following
re-establishment of trade with a new logistics partner.
Despite inflationary pressures on many areas in the business, particularly
energy, management have committed to ensuring reductions in operating
expenses, as a result, they have remained in line with the prior year.
Given the challenges mentioned, the Board anticipate that the Group's sales
for the FY23 full year will reduce between 11 and 13% against market
expectations and that the Group will be approximately break-even at an
underlying Profit Before Tax (PBT) level for FY23.
We are pleased that we continue to build for the future in challenging times.
We are grateful to all of our colleagues who are continuing to work hard and
helping to build for the future.
Tandem Group maintains a robust balance sheet, fortified by substantial
property values. Our cash balances remain healthy, reflecting our commitment
to financial stability. We remain steadfast in our commitment to our strategic
objectives, and the challenging market conditions have not deterred us from
pursuing avenues for growth and exciting innovation.
Borrowings
As at 30 June 2023, the Group had net debt of £3.1 million, with gross cash
balances of £2.0 million and borrowings including fully drawn mortgage
secured loan facilities of £5.1 million of which £4.0, are loans (the
"Loans"). These Loans mature at various dates between April 2024 and January
2025 and, given the near-term maturities, the Company has been in early
discussions with its lender to secure the refinancing of these historical
Loans in the form of a single term loan on terms attractive to the Group.
During the period ended 30 June 2023, the Company and its lender have become
aware of technical breaches of the existing Loans which first came into being
on the draw down of the majority of the balance of the Loans in 2022.
Notwithstanding this technical breach and the Company's currently anticipated
level of profitability for the full year ended 31 December 2023, the Group
continues to have the ongoing support from its banking partner - with whom the
Company remains in discussion for the refinancing of the Loans in the ordinary
course. On this basis, the directors are confident that the Group remains a
going concern.
Further details of the Group's borrowings are provided at note 3 to the
interim financial statements.
Dividend
Due to the performance in the first half of the year and the expected position
for the full year, we are not proposing to pay an interim dividend (2022 -
3.43p per share). We will continue to review our dividend strategy and will
pay a dividend where profits permit.
Investor presentation
The interim results presentation for investors will be posted on the Company's
website in due course. Investors are encouraged to contact the Company with
any questions about the business by emailing our dedicated shareholder email
address investorrelations@tandemgroup.co.uk
(mailto:investorrelations@tandemgroup.co.uk) or contacting our Nominated
Advisors.
Change of Name of Nominated Adviser and Broker
The Company also announces that its Nominated Adviser and Broker has changed
its name to Cavendish Securities plc following completion of its own corporate
merger.
Steve Grant
Chairman
20 September 2023
CONDENSED CONSOLIDATED INCOME STATEMENT
For the 6 months ended 30 June 2023
6 months ended 6 months ended Year ended 31 December 2022
30 June 2023 30 June 2022 (restated) Audited
Unaudited Unaudited £'000
£'000 £'000
Revenue 9,752 12,913 26,683
Cost of sales (7,228) (8,912) (18,887)
Gross profit 2,524 4,001 7,796
Operating expenses (3,381) (3,407) (6,484)
Operating (loss)/profit before exceptional costs (857) 594 1,312
Exceptional costs (98) (172) (223)
Operating (loss)/profit after exceptional costs (955) 422 1,089
Finance costs (150) (115) (237)
(Loss)/profit before taxation (1,105) 307 852
Tax creditexpense 147 - (178)
Net (loss)/profit for the period (958) 307 674
Pence Pence Pence
Earnings per share
Basic 2 (17.5) 5.8 12.5
Diluted 2 (17.5) 5.6 12.3
(#_ftn1)
All figures relate to continuing operations.
The results for the 6 months to 30 June 2022 have been restated. Carriage
outward costs have been included in cost of sales, having previously been
disclosed in operating expenses of £385,000.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the 6 months ended 30 June 2023
6 months 6 months Year ended 31 December
ended ended 2022
30 June 2023 30 June 2022
Unaudited Unaudited Audited
£'000 £'000 £'000
(Loss)/profit for the period (958) 307 674
Other comprehensive income:
Items that will be reclassified subsequently to profit and loss: (25) 23 96
Foreign exchange differences on translation of overseas subsidiaries
Cashflow hedging contracts 44 261 540
Items that will not be reclassified subsequently to profit or loss:
Revaluation of property, plant and equipment - - 2,189
Actuarial gain on pension schemes - - 1,472
Movement in pension schemes' deferred tax provision - - (214)
Other comprehensive income for the period 19 284 4,083
Total comprehensive income attributable to equity shareholders of Tandem Group (939) 591 4,757
plc
All figures relate to continuing operations.
CONDENSED CONSOLIDATED BALANCE SHEET
As at 30 June 2023
At 30 June At 30 June At 31
2023 2022 December
2022
Unaudited Unaudited Audited
£'000 £'000 £'000
Non current assets
Intangible fixed assets 5,598 5,454 5,525
Property, plant and equipment 14,884 10,003 14,700
Deferred taxation 854 1,323 854
Pension schemes' surplus 98 - -
21,434 16,780 21,079
Current assets
Inventories 5,881 8,577 4,757
Trade and other receivables 6,038 6,065 6,633
Derivative financial asset held at fair value 323 319 279
Cash and cash equivalents 1,993 3,229 3,288
14,235 18,190 14,957
Total assets 35,669 34,970 36,036
Current liabilities
Trade and other payables (4,711) (5,050) (4,200)
Borrowings 3 (5,083) (897) (1,085)
Current tax liabilities - (201) (149)
(9,794) (6,148) (5,434)
Non current liabilities
Borrowings 3 - (3,867) (3,754)
Pension schemes' deficits - (1,920) (60)
- (5,787) (3,814)
Total liabilities (9,794) (11,935) (9,248)
Net assets 25,875 23,035 26,788
Equity
Share capital 1,503 1,503 1,503
Shares held in treasury (135) (151) (137)
Share premium 729 647 716
Other reserves 7,322 5,080 7,303
Profit and loss account 16,456 15,956 17,403
Total equity 25,875 23,035 26,788
CONDENSED Consolidated statement of changes in equity
As at 30 June 2023
Merger reserve Translation Profit Total
Share Cash flow hedge reserve reserve and loss
capital Shares held in treasury Capital redemption reserve account
Share premium Revaluation reserve
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
At 1 January 2022 1,503 (192) 474 225 1,036 1,427 1,671 605 15,990 22,739
Net profit for the period - - - - - - - - 307 307
Retranslation of overseas subsidiaries - - - - - - - 23 - 23
Forward contracts - - - 261 - - - - - 261
Total comprehensive income for period attributable to equity shareholders - - - 261 - - - 23 307 591
Share based payments - - - - - - - - 13 13
Exercise of share options - 41 173 - - - - 214
- -
Reclassified to cost of inventory - - - (168) - - - - - (168)
Dividends paid - - - - - - - - (354) (354)
Total transactions with owners - 41 173 (168) - - - - (341) (295)
At 30 June 2022 1,503 (151) 647 318 1,036 1,427 1,671 628 15,956 23,035
Net profit for the period - - - - - - - - 367 367
Retranslation of overseas subsidiaries - - - - - - - 73 - 73
Revaluation of property, plant and equipment - - - - - - 2,189 - - 2,189
Forward contracts - - - 279 - - - - - 279
Net actuarial gain on pension schemes - - - - - - - - 1,258 1,258
Total comprehensive income for period attributable to equity shareholders - - - 279 - - 2,189 73 1,625 4,166
Share based payments - - - - - - - - 8 8
Exercise of share options - 14 69 - - - - - - 83
Reclassified to cost of inventory - - - (318) - - - - - (318)
Dividends paid - - - - - - - - (186) (186)
Total transactions with owners - 14 69 (318) - - - - (178) (413)
At 1 January 2023 1,503 (137) 716 279 1,036 1,427 3,860 701 17,403 26,788
Net loss for the period - - - - - - - - (958) (958)
Retranslation of overseas subsidiaries - - - - - - - (25) - (25)
Forward contracts - - - 44 - - - - - 44
Total comprehensive income for period attributable to equity shareholders - - - 44 - - - (25) (958) (939)
Share based payments - - - - - - - - 11 11
Exercise of share options - 2 13 - - - - - - 15
Total transactions with owners - 2 13 - - - - - 11 26
At 30 June 2023 1,503 (135) 729 323 1,036 1,427 3,860 676 16,456 25,875
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
For the 6 months ended 30 June 2023
At 30 June At 30 June At 31
2023 2022 December
2022
Unaudited Unaudited Audited
£'000 £'000 £'000
Cash flows from operating activities
(Loss)/profit for the period (958) 307 674
Adjustments:
Depreciation of property, plant and equipment 135 78 141
Amortisation of intangible fixed assets 5 - 22
(Loss)/profit on sale of property, plant and equipment 9 - (11)
Contributions to defined benefit pension schemes (210) (225) (651)
Finance costs 150 115 237
Tax (credit)/expense (147) - 178
Share based payments 11 13 21
Net cash flow from operating activities before movements in working capital (1,005) 288 611
Change in inventories (1,124) (513) 3,307
Change in trade and other receivables 595 4,178 3,610
Change in trade and other payables 511 (5,283) (6,133)
Cash flows from operations (1,023) (1,330) 1,395
Interest paid (100) (57) (139)
Tax paid - (51) (26)
Net cash flow from operating activities (1,123) (1,438) 1,230
Cash flows from investing activities
Purchase of intangible fixed assets (78) - (93)
Purchase of property, plant and equipment (328) (2,307) (4,880)
Sale of property, plant and equipment - - 13
Net cash flow from investing activities (406) (2,307) (4,960)
Cash flows from financing activities
(Loan repayments)/new loans (254) 2,005 2,013
Finance lease repayments - (37) (54)
Movement in invoice financing 498 (1,244) (1,161)
Exercise of share options 15 214 297
Dividends paid - (354) (540)
Net cash flow from financing activities 259 584 555
Net change in cash and cash equivalents (1,270) (3,161) (3,175)
Cash and cash equivalents at beginning of period 3,288 6,367 6,367
Effect of foreign exchange rate changes (25) 23 96
Cash and cash equivalents at end of period 1,993 3,229 3,288
NOTES TO THE HALF YEARLY REPORT
1 General information
Tandem Group plc is a public limited company incorporated and domiciled in the
United Kingdom with its shares listed on AIM, the market of that name operated
by the London Stock Exchange.
The principal activity of the Group is the design, development, distribution
and retail of sports, leisure and mobility equipment.
The ultimate parent company of the Group is Tandem Group plc whose principal
place of business and registered office address is 35 Tameside Drive, Castle
Bromwich, Birmingham,
B35 7AG.
The interim financial statements for the period ended 30 June 2023 (including
the comparatives for the period ended 30 June 2022 and the year ended 31
December 2022) were approved by the Board of Directors on 19 September 2023.
The financial information set out in this interim report does not constitute
statutory accounts as defined in Section 434 of the Companies Act 2006. The
Group's statutory financial statements for the year ended 31 December 2022,
prepared under International Financial Reporting Standards ("IFRS"), have been
filed with the Registrar of Companies. The auditor's report on those
financial statements was unqualified and did not contain statements under
Sections 498(2) and 498(3) of the Companies Act 2006.
This interim financial information has been prepared using the accounting
policies set out in the Group's 2022 statutory accounts. Copies of the
annual statutory accounts and the interim report may be obtained by writing to
the Company Secretary of Tandem Group plc, 35 Tameside Drive, Castle Bromwich,
Birmingham, B35 7AG and can be found on the Company's website at
www.tandemgroup.co.uk.
The net retirement benefit obligation recognised at 30 June 2023 is based on
the actuarial valuation under IAS19 at 31 December 2022 updated for movements
in net defined benefit pension income and contributions paid during the half
year period. A full valuation for IAS19 financial reporting purposes will be
carried out for incorporation in the audited financial statements for the year
ending 31 December 2023.
Exceptional costs include redundancy, termination and professional costs
relating to the consolidation of operations of the Group.
2 earnings per share
The calculation of earnings per share is based on the net result and ordinary
shares in issue during the period as follows:
6 months 6 months Year
ended ended ended 31 December
30 June 2023 30 June 2022 2022
£'000 £'000 £'000
(Loss)/profit for the period (958) 307 674
Number Number Number
Weighted average shares in issue used for basic earnings per share 5,469,721 5,323,089 5,375,128
Weighted average dilutive shares under option 119,933 160,461 100,733
Average number of shares used for diluted earnings per share 5,589,654 5,483,550 5,475,861
Pence Pence Pence
Basic earnings per share (17.5) 5.8 12.5
Diluted earnings per share (17.5) 5.6 12.3
Loss per share is calculated based on the share capital of Tandem Group plc
and the earnings of the Group for all periods. There are options in place at
30 June 2023. These options were anti-dilutive at the period end but may
dilute future earnings per share.
3 Borrowings
At 30 June At 30 June At 31
2023 2022 December
2022
Unaudited Unaudited Audited
£'000 £'000 £'000
Invoice finance liability (1,074) (493) (576)
Current borrowings maturing in less than one year
-other borrowings (4,009) (387) (509)
-assets held under leasing arrangements - (17) -
Total current borrowings (5,083) (897) (1,085)
Non current borrowings with contractual maturities between one and two years
-other borrowings - (1,625) (3,141)
Non current borrowings with contractual maturities between two and five years
-other borrowings - (2,242) (613)
Total non current borrowings - (3,867) (3,754)
Total borrowings (5,083) (4,764) (4,839)
This announcement contains inside information for the purposes of Article 7 of
EU Regulation 596/2014 (as amended), which forms part of domestic UK law
pursuant to the European Union (Withdrawal) Act 2018. Upon publication of this
announcement via a Regulatory Information Service, this inside information is
now considered to be in the public domain.
Forward Looking Statements
This announcement contains forward-looking statements relating to expected or
anticipated future events and anticipated results that are forward-looking in
nature and, as a result, are subject to certain risks and uncertainties, such
as general economic, market and business conditions, competition for qualified
staff, the regulatory process and actions, technical issues, new legislation,
uncertainties resulting from potential delays or changes in plans,
uncertainties resulting from working in a new political jurisdiction,
uncertainties regarding the results of exploration, uncertainties regarding
the timing and granting of prospecting rights, uncertainties regarding the
Company's or any third party's ability to execute and implement future plans,
and the occurrence of unexpected events. Actual results achieved may vary from
the information provided herein as a result of numerous known and unknown
risks and uncertainties and other factors.
(#_ftnref1)
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