Business
Trading Update and Board Changes
Trading Update and Board Changes.
About this update from Tandem Group Plc
[{"type":"text","content":"\n \nRNS Number : 4099C Tandem Group PLC 10 February 2020 \n\nTandem Group plc\n(the \"Company\" or \"Group\")\n \nTRADING UPDATE AND BOARD CHANGES\n \nTandem Group plc (AIM: TND), designers, developers, distributors and retailers of sports, leisure and mobility equipment, announces a trading update ahead of its annual results for the year ended 31 December 2019 which are due to be announced in March 2020.\n \nTrading and operations\nAs we reported in our interim results announcement, revenue in the first half of the year increased by approximately 27% as a result of strong performances from both licensed and own brand properties.\n \nAlthough the rate of growth in the second half of 2019 did not match the exceptional levels achieved in the first half it was nevertheless close to 15% ahead of the same period in the prior year. The sustained periods of wet weather across many parts of the country in the late Autumn period and macro uncertainties hindered the excellent progress earlier in the year.\n \nHowever, overall it was a strong year for the Group. Despite a third year in a row of decline in the toy industry with reported outdoor toy sales declining by almost 10%, Group revenue for the full year ended 31 December 2019 increased by nearly 20% to £38.8 million. Group profit before tax is expected to be well ahead of the prior year.\n \nRevenue from the toys business was considerably ahead of the prior year. In licensed wheeled toy categories, L.O.L Surprise! delivered another excellent result. The impact of the new Disney contract was also significant with Frozen II, Spider-Man, Disney Princess and Toy Story all making important contributions. In other licences, Peppa Pig, Paw Patrol and Batman remained strong.\n \nIn own brand portfolios, we continued to develop our U-Move scooter range which delivered revenue growth of 85%. Ben Sayers finished the year over 20% ahead of the prior year which was encouraging. Most other brands including Hedstrom, Wired, Kickmaster and Stunted were in line or slightly ahead of the prior year. \n \nFeedback from this year's London Toy Fair to the new MV Sports & Leisure ranges, where we showcased all of our products for 2020 and a new range of lithium electric scooters, was excellent.\n \nOverall tot...