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Share Price: 175.00

Bid: 170.00

Ask: 180.00

Change: 0.00 (0.00%)

Spread: 10.00 (5.882%)

Open: 175.00

High: 175.00

Low: 175.00

Prev. Close: 175.00

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Tandem jumps as full-year profits ramp higher on mobility scooter acquisition

Tue, 14th Apr 2015 08:41

Bike maker Tandem Group, which owns the Claud Butler and Dawes bicycle brands, saw its shares jump on Tuesday after reporting a significant lift in its full-year pre-tax profits.Revenues were up 10.5% to £31.3m, while profits before tax jumped significantly to £1.7m from £16,000 the year before, driving earnings per share up from 7.63p to 34.82p.The results were helped by the acquisition of the online retailer of mobility scooters Pro Rider, which reported £1.4m of revenues and £136,000 in operating profits during the six months to December.The group said it remains "cautiously optimistic" in its bicycles and mobility businesses as sales to the independent bike dealers started slowly due to a cautious approach to stock holdings, the group said.Furthermore, the company warned the strength of the dollar will have an impact on margins.Looking ahead, chairman Mervyn Keene said: "We are encouraged by the potential of the Pro Rider business and we expect to make progress in developing and expanding the product range in the forthcoming year."The positive reaction from the Toy Fair exhibition in January 2015 gives us confidence going into the second half of the year and the build up to Christmas," he added.Shares in Tandem wheelied 16.8% higher to 157.7p on Tuesday at 09:23.

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