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LONDON (Alliance News) - Tandem Group PLC said Tuesday the UK's vote to leave the European Union will create a period of volatility and uncertainty, but said it will manage this by using its existing currency derivatives and by managing its supply chain.
In a statement ahead of the company's annual general meeting, Tandem said revenue for its 25 weeks to last Thursday was around 8% ahead of the previous year.
The consumer products company said that, including the ESC business it acquired in September, revenue in its sports, leisure and toys business in the same period was up 48%.
However, in its bicycles and mobility business, revenue was down 25%, as a significant national retailer bicycle promotion was not repeated, and the independent leisure cycling market continued to be challenging.
"Although the leisure cycling market continues to be highly competitive which impacts on the bicycles and mobility division, we expect the second half of the year in our sports, leisure and toys division to perform well, both on a like for like and overall basis," said Chairman Mervyn Keene in a statement.
Shares in Tandem were down 2.9% at 109.25 pence Tuesday.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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