23 June 2015 – AGM statement
To coincide with the company’s AGM it has revealed that revenue for the 25 weeks to 19 June 2015 was approximately 12% ahead of the comparative period last year. In the bicycles and mobility businesses revenue was approximately 14% ahead of the same period last year. Feedback from Tandem’s independent customers on the 2015 ranges has been positive but many of its customers have reported that the leisure cycling market is challenging. The acquired Pro Rider business has continued to perform in line with expectations. Revenue in the sports, leisure & toys businesses for the 25 weeks to 19 June was approximately 9% ahead of the same period last year. The company has stated that it is cautiously optimistic about the outlook for the remainder of the year. Given the strong numbers delivered last year and the impact of Pro Rider in the current year we continue to rate the shares as a BUY despite their strong run.