Business
Half Yearly Report
Half Yearly Report.
About this update from Tandem Group Plc
[{"type":"text","content":"\n\nTandem Group plc\n(the 'Company' or 'Group')\n \nInterim results for the six months ended 30 June 2023\nThe 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.\n \nSummary\n \n· Successful completion of the Group's purpose built, solar powered warehouse\n \n· Continued focus on efficient inventory management\n \n· Group revenue in the six months to 30 June 2023 of £9.8 million (H1 2022: £12.9 million)\n \n· 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\n \n· Loss before taxation of £0.9 million (H1 2022: profit of £0.3 million)\n \n· Postponement of the interim dividend taking into account performance in H1\n \n· Cash and cash equivalents of £2.0 million as at 30 June 2023\n \n· Net assets at 30 June 2023 increased to £25.9 million (H1 2022: £23.0 million)\n \n· Net debt as at 30 June 2023 of £3.1 million (30 June 2022: £1.5 million)\n \n· 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.\n \n· Turnover in the Group's eMobility segment was 53% higher than in the comparative period.\n \n \nEnquiries:\n \nTandem Group plc\nPeter Kimberley, CEO\nDavid Rock, Company Secretary\nTelephone 0121 748 8075\n \nNominated Adviser\nCavendish Securities plc (Nominated Adviser and Broker)\nBen Jeynes / Dan Hodkinson - Corporate Finance\nMichael Johnson - Sales\nTelephone 0207 220 0500\n \n \n\n\n \nCHAIRMAN'S STATEMENT\n \nThe 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) t...