Pedal power boosts profits at leisure firm

Tandem, the Birmingham-based designer, manufacturer, distributor and retailer of sports and leisure equipment has seen both profits and revenue increase in the six months to June 30 as its products proved popular during the lockdown period.

Profit before tax rose to £1.4m, while revenues were up 6% to £16.9m.

A statement signed off by chairman Steve Grant said: “Despite the many challenges during the period, the revenue and profitability growth over the prior year period has been encouraging.

“Although the bicycle business was more challenging at the beginning of the year, the impact of COVID-19 changed the landscape. From the second quarter onwards, revenues were at exceptional levels with significant growth with both independent bicycle dealers and national retail customers. Our greatest challenge has been to remain in stock and to maintain timely supply to our customers.”

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