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LONDON (Alliance News) - Sports and leisure goods company Tandem Group PLC on Tuesday said revenue in the year to date has been around 12% higher on the back of a boost from the Pro Rider business, but underlying trading in the period was broadly flat due to competitive pressures.
The company said revenue in the 25 weeks to June 19 was up around 12% year-on-year. Bicycles and mobility revenue was around 14% higher year-on-year, though revenue was flat when the contribution of the Pro Rider business it acquired last year is stripped out.
The underlying performance in the bicycles and mobility business was "mixed", the company said, as its independent brands, Claud Butler and Dawes, faced significant competition, but its corporate bicycles business continued to perform well.
The Pro Rider business has performed in line with expectations, Tandem said, with its new distribution hub in Northampton now fully operational.
In the company's sports, leisure and toys business, revenue for the period was up around 9% year-on-year, again boosted by Pro Rider. On a like-for-like basis, however, revenue was marginally lower.
"We are cautiously optimistic about the outlook for the remainder of the year. There continues to be strong potential in our licensed, direct to consumer and corporate bicycles businesses. However the independent cycle businesses remain under pressure in difficult market conditions," the company said.
Shares in Tandem were down 3.0% to 167.2501 pence on Tuesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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