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TandemAnnouncement

06/09/2014 02:05

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RNS Number : 1909J
Tandem Group PLC
10 June 2014 
 
Tandem Group plc 
 
AGM Statement 
 
Chairman, Mervyn Keene, will make the following statement at today's AGM: 
 
"Revenue for the 22 weeks to 31 May 2014 was approximately 26% ahead of the
comparative period last year. 
 
We reported on 4 April 2014 that revenue from our bicycles and accessories
business for the first quarter of 2014 was ahead of the previous year.  I am
pleased to report that, despite a more challenging April and May, bicycles and
accessories revenue for the 22 weeks to 31 May was approximately 6% ahead of
the same period in the prior year. 
 
In a competitive leisure cycling market, both our flagship brands of Claud
Butler and Dawes have continued to perform well.  The addition of new models
for 2014, including lightweight junior cycles, cyclocross bikes and a more
extensive ladies offering, has helped to enhance performance. 
 
Our corporate bicycle ranges sold to national retailers are also performing
strongly.  Our Falcon, Townsend, Elswick, Boss, Zombie and British Eagle
brands offer a compelling value proposition.  As many independent bicycle
dealers choose to stock higher end cycle models, our sales to national
retailers have improved. 
 
The Yorkshire Grand Départ of the 2014 Tour de France is likely to enhance
summer sales and we have designed a number of promotional models to launch
during the Tour. 
 
In our sports, leisure and toys business, revenue for the 22 weeks to 31 May
was approximately 62% ahead of the same period last year. 
 
Our own brands of Hedstrom, Kickmaster, Ben Sayers, Stunted and Bored all
performed strongly.  In licences, revenue from our evergreen properties
including Peppa Pig, Thomas the Tank Engine and Fireman Sam was ahead of last
year and One Direction made a valuable contribution following the introduction
of the range to the market in summer 2013. 
 
Terms have been agreed on two exciting new licences based on the classic
children's properties Thunderbirds and The Clangers for 2015 and beyond. 
Strong master toy licensees have been appointed for both properties who we
expect to create substantial interest. 
 
Although 2014 year to date performance has been very encouraging, this has
been helped by better weather and an earlier intake of product by national
retailers. The strong second half last year will therefore be a challenge to
emulate.  Nevertheless, our Autumn/Winter listings are promising and our hard
working and dedicated employees continue to be focused on delivering
profitability and growth for the Group. 
 
In accordance with our announcement on 4 April 2014, a dividend of 2.3 pence
per ordinary share will be paid on or around 13 June 2014 to shareholders that
were on the register on 16 May 2014." 
 
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 
 
Telephone 020 7148 7900 
 
This information is provided by RNS
The company news service from the London Stock Exchange