UK’s Tandem Group Records Double Digit Growth
BIRMINGHAM, UK – Tandem Group Plc., one of the UK’s biggest in bikes, recorded a 10.5% growth in revenues in 2014. The company that next to main bike brands Claud Butler, Dawes Falcon, Townsend also sells bike P&A as well as sporting goods and wheeled toys, saw its profits rise by a big 55.8%.
Tandem Group recorded growth in both revenue and profitability on an overall and like-for-like basis excluding Pro Rider Ltd. which was acquired in August 2014. Based in Northampton, Pro Rider is a leading UK online retailer of mobility scooters, associated mobility products, electric bicycles and electric golf trolleys.
Tandem Group’s revenue for the year ended 31 December 2014 was GBP 31.3 million (€ 43.7mn) compared to GBP 28.4mn (€ 39.6mn) in 2013; an increase of 10.5%. Profit before tax and non-underlying items increased by 55.9% from GBP 823,000 (€ 1,148,000) in 2013 to GBP 1,283,000 (€ 1,789,000) for 2014. The company’s net assets increased by 16.8% from GBP 5.6mn (€ 7.8mn) in 2013 to GBP 6.6mn (€ 9.2mn) in 2014.
In its Outlook statement Tandem Group Chairman M. P. J. Keene says, “We remain cautiously optimistic in our bicycles and mobility businesses. Once again we have put together strong ranges for 2015 in both Claud Butler and Dawes flagship brands and our Pro Rider electric bicycles continue to sell well.
Bicycle sales to the independent bike dealers have started slowly due to a cautious approach to stock holdings at the beginning of the year. Notwithstanding this, our corporate bicycles business continues to make progress and we expect further growth in this area in 2015. Group revenue for the 14 week period to 12 April 2015 was approximately 6% ahead of the corresponding period last year.”