Tandem Group PLC Trading Update and AGM arrangements (1398O)
28 Mayo 2020 - 1:00AM
UK Regulatory
TIDMTND
RNS Number : 1398O
Tandem Group PLC
28 May 2020
Tandem Group plc
(the "Company" or "Group")
TRADING UPDATE AND ANNUAL GENERAL MEETING ("AGM")
ARRANGEMENTS
Tandem Group plc (AIM: TND), designers, developers, distributors
and retailers of sports, leisure and mobility equipment, announces
a trading update and update on the arrangements for the AGM, in
light of the COVID-19 pandemic .
Trading and operations
The impact of COVID-19 on the Group's trading has been mixed.
Bicycle sales have been materially higher with year to date revenue
77% ahead of the prior year and the forward order book
significantly higher than last year to date. This has invariably
placed a strain on the supply chain where we are working hard to
replenish stocks as quickly as possible which has been hampered by
the various degrees of lockdown in our countries of supply.
Online sales, both direct to consumer and with our national
retailer partners have also been strong. Outdoor products,
including Hedstrom and Airwave outdoor play, Kickmaster football
training, Airwave trampolines, spas, gazebos and parasols have sold
well as have a number of our Jack Stonehouse domestic electrical
appliances. Although the supply chain from China suffered in the
early part of the year, this is now broadly back to normal with
regular supplies being received.
In the national retailer business, however, our customers have
been more cautious, with the majority of toy shops closed. Although
there have been few cancellations, a number of orders have been
delayed which, despite the stronger online domestic sales referred
to above, has had a material impact on revenue. National retailers
have also been slower to place new orders until they have greater
clarity of the situation. As a result, the national retailer order
book is approximately 21% behind the previous year.
Year to date Group revenue is slightly ahead of the prior year,
although the overall Group order book is approximately 3% behind
last year. We therefore expect Group revenue to fall behind the
prior year during the Summer period as a result of the lack of
national retailer FOB orders and a limited supply of bicycles.
At this stage it remains difficult to ascertain the overall
impact on the full year but we will make a further update at the
AGM and continue to update the market as and when we have greater
visibility.
AGM arrangements
In light of the latest Government guidance in relation to
COVID-19 with respect to social distancing, public gatherings and
being "COVID secure", we are planning for the AGM be convened with
the minimum quorum of shareholders present (to be facilitated by
the Company) in order to conduct the business of the meeting.
In the interests of protecting the health and safety of the
Company's shareholders, employees and the public, shareholders will
not be admitted to the AGM. However, the Company will continue to
closely monitor the rapidly developing impact of COVID-19,
including the latest Government guidance, and how this may affect
the arrangements for the AGM.
Although shareholders will not be able to attend the 2020 AGM in
person, they will still be able to ensure their votes are counted
by submitting their proxies in accordance with usual practice. In
addition, shareholders will also be able to submit questions in
advance of the AGM by emailing our dedicated shareholder email
address investorrelations@tandemgroup.co.uk , and answers to
questions on key matters will be displayed on the Company's
website.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014 (MAR).
Enquiries:
Tandem Group plc
Steve Grant, Chief Executive Officer
Jim Shears, Group Finance Director and Company Secretary
Telephone 0121 748 8075
Nominated Adviser
Cairn Financial Advisers LLP
James Caithie
Telephone 020 7213 0880
28 May 2020
Forward-Looking Statements
Certain statements made in this announcement are forward-looking
statements. These forward-looking statements are not historical
facts but rather are based on the Company's current expectations,
estimates, and projections about its industry; its beliefs; and
assumptions. Words such as 'anticipates,' 'expects,' 'intends,'
'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions
are intended to identify forward-looking statements. These
statements are not guarantees of future performance and are subject
to known and unknown risks, uncertainties, and other factors, some
of which are beyond the Company's control, are difficult to
predict, and could cause actual results to differ materially from
those expressed or forecasted in the forward-looking statements.
The Company cautions security holders and prospective security
holders not to place undue reliance on these forward-looking
statements, which reflect the view of the Company only as of the
date of this announcement. The forward-looking statements made in
this announcement relate only to events as of the date on which the
statements are made. The Company will not undertake any obligation
to release publicly any revisions or updates to these
forward-looking statements to reflect events, circumstances, or
unanticipated events occurring after the date of this announcement
except as required by law or by any appropriate regulatory
authority.
This information is provided by RNS, the news service of the
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contact rns@lseg.com or visit www.rns.com.
END
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