Tandem gets on its bike as profits soar
Birmingham-based designer, developer and distributor of sports and leisure products, Tandem, has seen profits increase for 2020 – despite a dip in turnover.
The firm, which reported a boom in bicycle sales during 2020, saw profit before tax rise from £2.5m to £4m, despite revenue faling from £38.8m in 2019 to £37.1m over the period.
A statement signed off by chairman SJ Grant said: “The impact of COVID-19 led to a material change in the bicycle market. Consumers were keen to cycle which was very positive for the business. From Quarter 2 onwards, revenues were at exceptional levels with significant growth with both independent bicycle dealers (IBD) and national retailer customers.
“Stock availability, although slower than we would have hoped for, improved towards the end of the year to enable a strong finish to 2020 for all parts of the cycling businesses from the flagship Dawes and Claud Butler ranges through to our national retailer brands, Falcon, Boss, Elswick, Townsend and Zombie.
“We are optimistic about the outlook for 2021. As we reported in February, we are pleased with the encouraging start to 2021 with year to date revenue in the 11 weeks to 21 March 2021 approximately 90% ahead of the same period last year, despite a number of pressures facing the Group.
