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LONDON (Alliance News) - Tandem Group PLC on Wednesday reported flat annual profit despite revenue falling in the year, hurt by poor weather at the start of 2018.
Tandem shares were trading up 15% at 195.00 pence each.
For 2018, the developer of sports and leisure products posted pretax profit of GBP1.9 million, broadly flat compared to the prior year.
Revenue fell to GBP32.5 million from GBP36.8 million a year prior, impacted in the first half by bad weather in February and March, large overstocks with an unnamed national retailer, and the ongoing impact of the collapse of Toys R Us.
Tandem increased its total dividend by 5.1% to 4.31 pence per share compared to 4.10p a year ago, after proposing a 2.89p final payout.
Looking ahead, Tandem said the new year has started "very strongly" as it secured additional business with several national retailers and expects to increase revenue with a number of others.
"We have signed an agreement with Walt Disney Co Inc to extend our portfolio of licences for 2019 and beyond. This will significantly expand our range to incorporate their major properties, including Disney and Marvel and will encompass highly successful entertainment and consumer product franchises such as Frozen, Toy Story, Spider-Man, Lion King, Disney Princess and Avengers," Chair Mervyn Keene said.
He added: "We are optimistic about the outlook for 2019. Whilst we are mindful of macro-economic uncertainties, we expect to achieve significant turnover growth and we continue to be extremely confident in our ability to deliver profitability to our shareholders."
