(Sharecast News) - Sports and mobility equipment retailer Tandem Group warned on Thursday that the Covid-19 pandemic had led to a decline in its overall order book.
Tandem said while year-to-date revenues were "slightly ahead" of the prior year, its order book was approximately 3% behind last year and now expects that group revenues will fall behind those recorded twelve months earlier as a result of a lack of national retailer orders and a limited supply of bicycles.
The AIM-listed group did note that bicycle sales had been "materially higher" - with year to date revenues 77% higher year-on-year and a forward order book "significantly higher" than last year.
Online sales were also said to be "strong" but in its national retailer business, customers continued to be "cautious".
Tandem said: "At this stage, it remains difficult to ascertain the overall impact on the full year but we will make a further update at the AGM and continue to update the market as and when we have greater visibility."
As of 1050 BST, Tandem shares had sunk 8.65% to 237.50p.
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...