Subsid Interim Reslts -Casket

Tandem Group PLC
2 March 2001


                                  Casket plc

                   Interim report for the six months ended

                                 31 July 2000


                         Chairman's interim statement


Introduction

The results for the six months to 31 July 2000 show a profit after interest
and before taxation of £259,000 (1999 - £649,000).  No dividend is proposed
(1999 - nil).


Review of interim results

During the period the Company's sole business was the manufacture and
distribution of bicycles.  The Company is one of the largest manufacturers of
bicycles in the UK, with its brand names of Falcon, Claud Butler, Townsend and
British Eagle amongst the market leaders.  In recent consumer cycle magazines
the current range of high performance Claud Butler has received excellent
reviews.


Current trading

An increase in the customer base of independent bicycle dealers should see a
growth in this sector in the second half of the year.  National retailers are
currently offering an improved range of the Company's products and with an
increase order book over last year additional sales are expected.  Your board
therefore expects that the cycle business results for the whole year will be
ahead of last year.


Graham Waldron
Chairman

2 March 2001


Registered office: 9a South Street, Crowland, Peterborough, PE6 0AH


                    Consolidated profit and loss statement


                           6 months to       26 weeks to          Year ended
                          31 July 2000     1 August 1999     31 January 2000    
                             Unaudited         Unaudited             Audited    
                                 £'000             £'000               £'000

Turnover
Continuing operations           10,931            11,318              21,181

Operating profit
Continuing operations              454               797                 856

Discontinued operations              -                 -                  24

Release/utilisation of
 prior year provision                -                 -                  51

Total operating profit             454               797                 931


Profit on disposal of fixed assets   -                52                  59

Profit on ordinary activities
 before interest and taxation      454               849                 990

Net interest payable              (195)             (200)               (736)

Profit before taxation             259               649                 254

Taxation                             -                 -                   -

Profit after taxation               259              649                 254



Finance costs of non-equity shares (33)             (33)                 (65)

Retained profit for the period     226              616                  189

Earnings per share                0.24p            0.65p                0.20p



                            Consolidated balance sheet


                         31 July 2000     1 August 1999     31 January 2000
                            Unaudited         Unaudited             Audited     
                                £'000             £'000               £'000

Tangible fixed assets             986             1,214               1,099

Current assets
Stock                           5,146             5,319               3,806
Debtors
                                4,881             4,653               2,937

                               10,027             9,972               6,743

Creditors:  Amounts falling
 due within one year
Bank overdrafts                (4,154)           (2,526)             (4,962)
Trade creditors                (3,405)           (3,330)             (1,744)
Bills of exchange              (1,644)           (1,676)               (692)
Other creditors               (11,699)          (13,326)            (10,563)
                              (20,902)          (20,858)            (17,961)
Net current liabilities       (10,875)          (10,886)            (11,218)

Total assets less
 current liabilities           (9,889)           (9,672)            (10,119)

Creditors:  Amounts falling
 due after more than one year     (12)              (11)                (22)

Provisions for liabilities
 and charges                      (21)              (53)                (15)

Net liabilities                (9,922)           (9,736)            (10,156)


Capital and reserves
Called-up share capital         9,911             9,911               9,911
Share premium account           6,479             6,479               6,479
Other reserves                  4,095             4,095               4,095
Profit and loss account       (30,892)          (30,691)            (31,118)

Shareholders' deficit         (10,407)          (10,206)            (10,633)

Non-equity minority interests     485               470                 477

                               (9,922)           (9,736)            (10,156)



                       Consolidated cash flow statement


                            6 months to       26 weeks to          Year ended
                           31 July 2000     1 August 1999     31 January 2000   
                              Unaudited         Unaudited             Audited   
                                  £'000             £'000               £'000

Net cash inflow from
 operating activities             1,017             6,296               4,417


Returns on investment
 and servicing of finance
Net interest paid                  (194)             (195)               (729)
Interest element of hire
 purchase rentals                    (1)               (5)                 (7)

Net cash outflow from 
 returns on investments and
 servicing of finance              (195)             (200)               (736)

Taxation
Taxation paid                         -                 -                   -

Capital expenditure
Purchase of tangible fixed assets    (7)              (58)                (80)
Sale of tangible fixed assets         -             4,535               4,574

Net cash (outflow)/inflow
 from capital expenditure            (7)            4,477               4,494

Net cash inflow before financing    815            10,573               8,175

Financing
Capital element of hire
 purchase rentals                    (7)              (38)                (76)

Increase in cash                    808            10,535               8,099



                         Notes to the interim report


1        Basis of preparation

         The figures for the year ended 31 January 2000 are an abridged
         version of the audited accounts for the year which have been filed with

         the Registrar of Companies and on which the auditors of the Company 
         issued a report which, whilst unqualified, contained an explanatory    
         note drawing shareholders' attention to the fact that the accounts have

         been prepared on a going concern basis which is dependent on the 
         Company's bank facilities remaining in place.  The remaining figures 
         have not been audited or reviewed by the Group's auditors.


2        Earnings per share

         The calculation of earning per share is based on the net profit for
         the period of £226,000 (1999 - £616,000) and on an average of 
         94,280,000 (1999 - 94,280,000) ordinary shares in issue during the 
         period. 


3        Movement in shareholders' deficit

                                6 months to      26 weeks to         Year ended
                               31 July 2000    1 August 1999    31 January 2000
                                      £'000            £'000              £'000

          Profit for the period        259               649                254

          Finance costs of
           non-equity shares           (33)             (33)                (65)

          Net increase in
           shareholders' deficit       226              616                 189

          Opening shareholders'
           deficit                 (10,633)         (10,822)            (10,822)

          Closing shareholders'
           deficit                 (10,407)         (10,206)            (10,633)


4        Analysis of shareholders' deficit

         Equity                    (11,138)         (10,887)            (11,339)
         Non equity                    731              681                 706
                                   (10,407)         (10,206)            (10,633)



                   Notes to the interim report (continued)


5        Reconciliation of operating profit to net cash flow from operating
         activities

                               6 months to      26 weeks to          Year ended 

                              31 July 2000    1 August 1999     31 January 2000
                                     £'000            £'000               £'000

          Operating profit             454              797                 931
          Depreciation charges         120              110                 234
          Profit on sale of
           tangible fixed assets         -                -                  (2)
          (Increase)/decrease
           in stocks                (1,340)             597               2,110
          (Increase)/decrease
            in debtors              (1,944)            (475)              1,241
          Increase in creditors      3,721            5,427                 101
          Movement in provisions         6             (160)               (198)
          Net cash inflow from
           operating activities      1,017            6,296               4,417

6        Analysis of net debt

                                1 February        Cash flow            31 July
                                      2000                                2000
                                     £'000            £'000              £'000

          Debt due within one year  (4,962)             808             (4,154)
          Finance leases               (23)               7                (16) 


          Net debt                  (4,985)             815             (4,170)