25 May 2012

Tandem riding high

17/10/2002

Once-troubled sports and leisure product manufacturer Tandem continues to make strong progress – reporting a 500 per cent surge in pre-tax profits (to £284,000) in the first half to July on £17.9 million (£14.3 million) revenue. Elliott Davis reports.

The cold, wet weather of May and June hindered bicycle sales in what is traditionally one of Aim-listed Tandem's strongest trading periods. Despite this, chairman Graham Waldron says: 'Sales of high-specification models in the upper price ranges exceeded budget and expectations.'

Sales of snooker and pool products, made through the company's Pot Black business, were also strong. This, combined with improved profit margins and tighter cost controls, enabled Pot Black to make a positive first-half contribution.

Waldron adds: 'Demand from major customers for snooker and pool tables in the second half looks strong.' As a result, 'a significant increase in profits' is expected for the full year.

No figures were given for Tandem's third trading business, the recently-acquired golf club and accessories manufacturer Ben Sayers. But Waldron hints at changes to the product line and management structure, which should improve sales and profits.

The one blot on Tandem's copybook is its debt position. At the half-year stage borrowings stood at £5 million, down £800,000 on 12 months ago, yet significantly up from the £4.1 million shown at the end of the full year.

A source close to the company says Tandem's debts are seasonal. A figure significantly below £4 million could be expected in six months' time.

Despite today's news, the shares remained even at 5p, valuing the business at £13 million.

Sector: Personal Goods

Companies: Tandem

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