Tandem logo

TND - Tandem News Story

388p 3.0  0.8%

Last Trade - 9:30am

Sector
Consumer Cyclicals
Size
Micro Cap
Market Cap £19.4m
Enterprise Value £17.5m
Revenue £38.8m
Position in Universe 1380th / 1807

Tandem Grp PLC AGM Statement

Mon 21st June, 2010 1:56pm
TIDMTND

RNS Number : 9610N
Tandem Group PLC
21 June 2010

?
Tandem Group plc

AGM STATEMENT

Chairman, Graham Waldron, made the following statement at today's AGM:

"Revenue for the 20 weeks to 18 June 2010 was 8% above the comparative period
last year.

Bicycle sales were up by 3% but as previously reported we expect revenue to be
behind last year in the second quarter due to a reduction in sales to national
retailers compared to the previous year.

Revenue from our sports, leisure and toys business was 17% ahead for the 20
weeks to 18 June 2010. The Ben 10 licence continues to perform well although as
previously stated we anticipate revenue from this licence to fall behind last
year in the second half. We remain encouraged by the potential from our new
licences and national retailer listings for Autumn/Winter 2010.

Trading conditions continue to be difficult due to cost pressures in respect of
US dollar volatility and increases in freight and raw material prices. It has
not been possible to pass all of these additional costs on to customer
mid-season and this has had an adverse impact on profit margins.

The Group continues to strengthen the balance sheet, stockholdings have been
reduced and this has resulted in an improved cash position.

Despite the issues raised above, the Board remain encouraged by the recent good
weather and positive impact this has had on independent bicycle dealer sales in
particular.

The Board believes in keeping its shareholders informed and working closely with
them. To this end, the Board announces that it will be hosting an investor
presentation at the offices of Grant Thornton, 30 Finsbury Square, London EC2P
2YU, the Company's auditors at 10.00am on Tuesday 7 September 2010. Those
wishing to attend are asked to email our Nominated Adviser
(tony.rawlinson@cairnfin.com) or telephone 020 7148 7091 to confirm attendance."

Further information can be found at www.tandemgroup.co.uk

Enquiries:
Tandem Group plc
Jim Shears, Company Secretary
Telephone 0121 748 8075

Nominated Adviser
Cairn Advisers
Tony Rawlinson
Telephone 020 7148 7091



This information is provided by RNS
The company news service from the London Stock Exchange
END

AGMKMGZVZMKGGZM


© Stockopedia 2020, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.