Business
Trading Update, AGM arrangements and Board Change
Trading Update, AGM arrangements and Board Change.
About this update from Tandem Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 5004A\n Tandem Group PLC\n 02 June 2021\n \n \n \n \n Tandem Group plc\n \n \n (the \"Company\" or \"Group\")\n \n \n \n \n \n TRADING UPDATE, ANNUAL GENERAL MEETING (\"AGM\") ARRANGEMENTS AND BOARD CHANGE\n \n \n \n Tandem Group plc (AIM: TND), designers, developers, distributors and retailers of sports, leisure and mobility equipment, \n announces a trading update, arrangements for the 2021 AGM and Board change.\n \n \n Trading and operations\n \n \n Since our last update in February, Group trading has remained robust albeit against a much stronger prior year comparative, especially from March 2020 when the UK was in lockdown following the imposition of COVID-19 restrictions. \n \n \n In our B2B businesses, revenue from 1 January 2021 to 31 May 2021 from sports, leisure and toy ranges was approximately 32% ahead of the prior year, driven by increased FOB national retailer business (\n where our customers purchase product in full containers and ship direct from the country of origin) and growth from own brand products\n was materially ahead of the prior year. \n \n \n Our Ben Sayers golf business has also performed particularly well with revenue more than double the previous year to date period. The forward order book is also well ahead of last year.\n \n \n Bicycle revenue was approximately 21% ahead of the prior year period, with ebike revenue particularly significant at 112% ahead. The forward order book for bicycles remains exceptionally strong.\n \n \n In our Expressco B2C business, revenues were approximately 18% ahead of the previous year with strong performance in a number of categories, most notably gazebos, party tents and golf products.\n \n \n One of our biggest challenges continues to be stock availability, particularly on bicycles, which once more is being hindered by worldwide shipping capacity and container availability. Freight costs have increased again in recent weeks and global demand for components, particularly for bicycles, remains high which has impacted our margin.\n \n \n We also continue to be concerned by ongoing cost increases, with significant rises in input costs such as steel, oil, plastic and cardboard all of which also put pressure on margin. \n \n \n Further, we remain mindful that COVID-19 is a continuing problem in some...