LONDON (Alliance News) - Tandem Group PLC said Friday that challenging trading environment, poor weather conditions, and the demise of a large customer, Toys 'R' Us, resulted in a loss for the first half of 2018.
Toys 'R' Us was a significant customer for Tandem, but the company did not incur any bad debt following its bankruptcy.
The toys and bicycles manufacturer also blamed de-stocking by UK national retailers for the swing to loss. It, however, added that it has seen improvement in performance since June and remains confident to deliver profitability going forward.
For the six months to June 30, Tandem recorded a pretax loss of GBP348,000, compared with GBP2.2 million profit in the year-ago period, on a revenue of GBP12.7 million and GBP17.7 million, respectively.
The company has recruited further staff in its product development and marketing departments to launch new product categories, such as lighting and furniture, which will feature on a new website, "Athomecomforts.co.uk".
Shares in Tandem Group were trading 2.1% higher at 120.00 pence each.
Tandem Group (TND)