Tandem Group pedals back to profit
Tandem Group appears to have turned a corner after a challenging 2023, reporting a return to profitability across most of its key divisions.
The Birmingham-based company, which designs, develops, and sells sports, leisure and mobility products, saw strong performances in toys, bicycles and golf, helping to offset weaker sales in its home & garden category.
Group revenue for 2024 rose by 11% to £24.6m, up from £22.2m the previous year.
S J Grant, chair at Tandem Group said: “Amidst a difficult economic environment, there have been encouraging signs. The Group has delivered a resilient performance during a period in which multiple industry participants have become highly distressed. The continued success of our initiatives and a strategic focus provide the Board with confidence for the future.”
Results show profit before tax and exceptionals reached £500,000 – an improvement from the £1m loss in 2023 – although exceptional costs of £400,000 from the retirement of the commercial director, relocation costs for the Hong Kong Office and the non-cash impairment of the new IT system.
Toys, sports & leisure saw the biggest jump, with sales climbing 19% to £12.4m.
Bicycle revenue grew 11%, driven by a 39% increase in mechanical bike sales and a 69% surge in children’s bikes.
Golf sales were also up by 13%, while Home & Garden dipped by 21% attributed to poor weather affecting seasonal demand.
Grant continued: “As the business looks ahead to the remainder of 2025, we hold a cautiously optimistic view of our market position. With our strategic initiatives well underway across the Group, we are confident in our continued growth momentum for 2025 and beyond. Looking ahead, the Group is well-positioned to seize emerging opportunities and leverage its core strengths to drive long-term, sustainable growth. The Board remains assured of the Group’s strategic direction, anchored by our unwavering commitment to innovation, customer focus and operational excellence.”
