Tandem Group records jump in revenue

With revenues in the 22 weeks ended March 31st around 26% higher than those in the same period a year earlier, shares in Tandem Group were racing ahead on Tuesday. Speaking at the annual general meeting, Chariman Mervyn Keene told investors that within its bicycles and accessories business revenue was around 6% ahead of the previous year, while the sports, leisure and toys business was up by around 62%. A strong performance was also seen in its corporate bicycle range, while its own brands were all said to have performance strongly too. "Although 2014 year to date performance has been very encouraging, this has been helped by better weather and an earlier intake of product by national retailers," Keene said. "The strong second half last year will therefore be a challenge to emulate. Nevertheless, our Autumn/Winter listings are promising and our hard working and dedicated employees continue to be focused on delivering profitability and growth for the group."The share price had pedalled 14.15% higher to 121p by 08:56. NR