1 March 2018 – trading update
A detailed and mixed statement has been released by Tandem Group. In 2017 revenue was down around 4% but net profit was significantly higher than in the previous year. Interest bearing debt was slashed from £4.2m to £1.0m during the year. However, the start to the current year has been ‘more challenging’. On balance we feel that the shares are fundamentally undervalued. Final results are due out next month and the shares are trading on a very low multiple of likely earnings. We continue to rate the shares as a BUY.