Revenue and sales drop for Tandem Group - BikeBiz

Revenue and sales drop for Tandem Group

Inclement weather brings decline, but hot summer has started to turn things around
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Tandem Group has published its half yearly report to June 30th, with income and sales down for its bicycles and accessories businesses, citing inclement weather.

The Group is the latest business to cite the poor weather for contributing to a challenging trading environment.

Bicycles and accessories businesses revenue decreased by 19.4 per cent to £7,187,000 (£8,917,000 in 2012), due to the weather coupled with 'reduced sales in our corporate bicycles business'.

For bicycles and accessories businesses, revenue to September 13th was approximately £11.2 million against £13.0 million in the prior year.

This year's hot summer has started to turn things around, however, with the warm weather helping independent cycle dealer businesses. Tandem said: "We are only just starting to see a recovery in our corporate business. We remain optimistic that this should gather momentum in the remaining months of this year and into 2014."

Looking ahead, Tandem is investing further into its IT systems for a more streamlined online B2B experience for its bicycle customers.

A new six year lease for the existing Claud Butler warehouse premises in Scunthopre has been signed with further investement in efficiencies expected there.

Tandem added: "Group performance in July, August and September has been promising, particularly in the sports, leisure and toys businesses, with Group revenue ten per cent ahead of the corresponding 11 week period to 13 September last year. Although we do not expect to fully recover the revenue position we expect the Group to be profitable for the full year."

Tandem is owner of Dawes and Claud Butler, among others. See the full list of brands at www.tandemgroupplc.co.uk

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