(Sharecast News) - Sports and leisure equipment manufacturer Tandem Group said on Friday that interim profits had declined year-on-year as a result of declining orders from retailers and a limited supply of bicycles.
Tandem stated the supply chain, particularly for bicycles, remained under pressure - with strong global demand on suppliers and increased lead times.
The AIM-listed group added that while national retailers also continued to be cautious in their buying decisions, margins from domestic business remained "strong" during the period, with lower overheads as a result of the Covid-19 impact.
However, as a result of the heightened level of uncertainty in markets, Tandem highlighted that it was "difficult to confidently forecast" the full-year at present.
As of 0920 BST, Tandem shares were down 1.33% at 370.0p.
Tandem Group (TND)25 Mar 2024 15:01
IN BRIEF: Tandem shares fall as swings to loss and revenue declines
Tandem Group PLC - Birmingham, England-based sports and leisure product retailer - Revenue in 2023 falls by 17% to GBP22.2 million from GBP26.7 millio...