Revenue drops by a quarter for sports and leisure retailer

Suppressed consumer spending has meant revenue dropped by almost a quarter for designer and retailer of sports and leisure equipment Tandem.

The Castle Bromwich-headquartered firm reported revenue for the first half of the year to September 20, 2023, as 24% lower than the previous year.

Its second half of the year was stronger, meaning the group took in £22.2m, a 17% drop in comparison to the prior year. 

Tandem’s results are consistent with its updated guidance from December .

Revenue from the toys, sports, and leisure division dropped by about 32%, whilst golf turnover, including electric golf trolleys, fell by 8%. Electric golf trolley sales, however, more than doubled.

Bicycle sales, including electric bikes, increased by 17%, driven by the successful introduction of new electric bikes.

Sales of premium Squish bikes grew, while mechanical bike sales declined by 12% as the market favoured electric alternatives.

Home and Garden revenue was down by 27%, mainly due to changing weather conditions impacting heating and cooling products, though November and December showed positive performance.

The Group aims for a 19% increase in turnover in 2024, reaching £26.5m, with the firm expected to publish its FY23 results on 25 March 2024.