Slow start for Tandem

The group designs, developers, distributes and retails of sports, leisure and mobility equipment, including bikes.

Annual results for 2022 will be announced on March 27.

Tandem said 2022 had been challenging from a trading perspective. Revenue in the first half of the year was about 33 per cent behind the equivalent period in the previous year.

A comparatively stronger fourth quarter performance resulted in unaudited group revenue for the full year of £26.7 million – a reduction of 35 per cent on the previous year.

The directors expect pre-tax profit before tax for the year to be in line with market expectations.

Revenue from the toys, sports and leisure business of character licenced products, which are mainly wheeled toys and own brand sports and leisure products, sold to both independent and national retailers reduced by about 11%. Tandem was encouraged with the trend of sales in December which were 26 per cent ahead of the comparative period.

Revenue from the bicycle business includes both child and adult bicycles, along with licensed character bikes, but excludes any electric powered bicycles. It benefitted from unprecedented high demand during Covid-19 lockdowns and against the previous year, revenue was down by about 52 per cent.

Tandem completed its new on-site e-mobility retail showroom in Castle Vale, Castle Bromwich ahead of schedule. It was opened by West Midlands Mayor, Andy Street and Cycling and Walking Commissioner for West Midlands, Adam Tranter, in November.

Despite the slow start to the year, Tandem i targeting between eight and 12 per cent like-for-like growth for the full year.

The completion of a new warehouse in Birmingham will take place within the next few weeks and the leased premises in Northampton has now been fully vacated.

The new warehouse will have low energy lighting and clean solar energy. Tandem has also invested in additional vehicle charging points.