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Tandem doubles dividend as demand for bikes jumps during pandemic

By BFN News | 07:47 AM | Tuesday 22 September, 2020

Sports, leisure and mobility equipment retailer Tandem posted a rise in first-half profit and doubled its dividend as demand for bicycles jumped during the pandemic. Pre-tax profit for the six months through June increased to £1.41m, up £0.37m on-year, as revenue rose 6% to £16.9m. Tandem doubled its interim dividend to 3.12p per share, up from 1.56p on-year. The company said the Covid-19 crisis had 'changed the landscape' for its biking division, with revenues from the second quarter onward demonstrating significant levels of growth. 'Our greatest challenge has been to remain in stock and to maintain timely supply to our customers,' the company said. 'Our outlook for the remainder of 2020 continues to be broadly positive, although at this stage it remains difficult to confidently forecast the full year result,' it added 'Despite the free on board challenges, domestic demand remains encouraging.' Story provided by

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