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Tandem Group on track to meet FY expectations
(Sharecast News) - Sports equipment company Tandem Group said on Tuesday that it remains on track to meet market expectations for the financial year ending 31 December. Tandem said group sales were 15% ahead of the prior year at the end of May as it said it has been "focussing heavily" on introducing "newness" to its product range, ensuring that offerings align with current trends and maintain "a high level" of innovation.
The AIM-listed group also noted that with the UK enjoying "record sunshine" this spring, favourable weather had provided "a welcome boost" for its seasonally dependent products.
However, Tandem also noted that it continues to operate in what remains "a challenging environment" shaped by ongoing inflationary pressures, rising employment costs and fluctuating consumer confidence.
"Despite this backdrop, the group's resilience, and our focus on execution, positions us well for the remainder of the current year and beyond," said Tandem.
"In summary, the board remains confident in Tandem's ability to meet market expectations for the current year. We are focussed on improving returns and on recommencing the payment of dividends as soon as trading performance and cashflow permits."
As of 0950 BST, Tandem shares were down 0.45% at 174.22p.
Reporting by Iain Gilbert at Sharecast.com
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