AGM Statement

RNS Number : 4670U

Tandem Group PLC

25 June 2009

 



Tandem Group plc

AGM STATEMENT

All resolutions proposed at the the Company's AGM held earlier today were approved.

Speaking at the AGM, the Chairman, Graham Waldron, made the following statement:

'Revenue for the 20 weeks to 19 June 2009 was 9.1% above the comparative period last year. Bicycle sales were up reflecting increased sales to national retailers.  Sports, leisure and toys were down. The Ben 10 licence has been very successful but retailers using their own private label products in other areas, particularly outdoor play equipment, reduced total sports, leisure and toys revenue.

Although the recent weakening of the dollar has reduced costs since the start of the year the average exchange rate for the first 20 weeks of this financial year was still 24% below that of the same period last year.  This makes maintaining the balance between revenue and margins difficult.

Overheads remain under tight control.

The trading environment continues to be challenging but our efforts continue to maintain a level of profitability and generate cash in the year.'

Further information can be found at www.tandemgroup.co.uk

Enquiries:

Tandem Group plc

Jim Shears, Company Secretary

Telephone [phone]

Nominated Adviser

Dowgate Capital Advisers Limited

Tony Rawlinson

Telephone [phone]

 

END

 

 

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