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LONDON (Alliance News) - Tandem Group PLC on Tuesday reported a rise in profit in the first half of 2015 as revenue grew in both its lines of business, a trend it said which is continuing into the rest of the year.
The designer of sports and leisure products reported growth in pretax profit in the six months ended June 30 to GBP344,000 from GBP213,000 in the first half of 2014, as revenue rose to GBP15.6 million from GBP13.7 million.
By division, bicycles, accessories and mobility posted a 13% rise in revenue to GBP8.4 million from GBP7.5 million, while sports, leisure and toys revenue grew 15% to GBP7.2 million from GBP6.3 million.
Tandem said that its acquisition of Pro Rider helped to boost performance, with sales of mobility scooters and electric bikes, while sales from Thomas & Friends, Fireman Sam and Batman exceeded the prior year.
Tandem added that in the 12 weeks to September 18, revenue was 5% ahead of the prior year, and that its acquisition of ESC (Europe) Ltd earlier in the month will be integrated into the group's existing Northampton premises in early 2016.
ESC sells gazebos, party tents, household, kitchen and fishing products.
New licences including Star Wars, Teletubbies and Finding Dory also are expected to contribute to 2016 revenue, with autumn/winter sales starting strongly in the sports, leisure and toys division as retailers stock up for the Christmas period.
Tandem will pay an interim dividend of 1.25 pence, up from the 1.20p it paid the year before.
Shares in Tandem were trading up 0.9% at 161.50 pence on Tuesday morning.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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