February 10, 2020 / 8:23 AM / 19 days ago

BRIEF-Tandem Group Plc Says Revenue For Full Year Ended 31 December 2019 Increased By Nearly 20% To £38.8 Million

Feb 10 (Reuters) - Tandem Group PLC:

* TANDEM GROUP PLC- TRADING UPDATE AND BOARD CHANGES

* TANDEM GROUP- REVENUE IN H1 INCREASED BY APPROXIMATELY 27% AS A RESULT OF STRONG PERFORMANCES FROM BOTH LICENSED AND OWN BRAND PROPERTIES

* TANDEM GROUP PLC- GROUP REVENUE FOR FULL YEAR ENDED 31 DECEMBER 2019 INCREASED BY NEARLY 20% TO £38.8 MILLION

* TANDEM GROUP PLC- FY GROUP PROFIT BEFORE TAX IS EXPECTED TO BE WELL AHEAD OF PRIOR YEAR

* TANDEM GROUP PLC- FY REVENUE FROM TOYS BUSINESS WAS CONSIDERABLY AHEAD OF PRIOR YEAR

* TANDEM GROUP PLC- OVERALL TOTAL REVENUE FROM BICYCLE BUSINESSES WAS DOWN IN 2019 COMPARED TO 2018

* TANDEM GROUP PLC- FY REVENUE FROM OUR SQUISH BICYCLE RANGE SOLD TO INDEPENDENT BICYCLE DEALERS GREW BY 33% IN YEAR

* TANDEM GROUP PLC- FY REVENUE IN DIRECT TO CONSUMER BUSINESS, EXPRESSCO DIRECT, WAS SLIGHTLY BEHIND PREVIOUS YEAR

* TANDEM GROUP-MERVYN KEENE NOTIFIED BOARD OF HIS INTENTION TO RETIRE AS NON-EXECUTIVE CHAIRMAN AND STEP DOWN AS A DIRECTOR WITH EFFECT FROM 31 JULY

* TANDEM GROUP PLC- STEVE GRANT HAS ALSO INFORMED BOARD OF HIS INTENTION TO STEP DOWN FROM HIS ROLE AS CEO

* TANDEM GROUP PLC- STEVE GRANT HAS INDICATED DESIRE TO REMAIN WITH GROUP AND ACCORDINGLY WILL TAKE UP POSITION OF NON-EXECUTIVE CHAIRMAN FROM 1 AUGUST

* TANDEM GROUP PLC- JIM SHEARS, CURRENTLY GROUP FINANCE DIRECTOR, WILL TAKE UP POSITION OF CHIEF EXECUTIVE OFFICER

* TANDEM GROUP-JIM SHEARS WILL ALSO BECOME JOINT MANAGING DIRECTOR OF CO’S TRADING SUBSIDIARY MV SPORTS & LEISURE LIMITED

* TANDEM GROUP- CORONAVIRUS OUTBREAK IN FAR EAST APPEARS TO BE SIGNIFICANT THREAT, NUMBER OF FACTORIES HAVE NOT RETURNED TO WORK AFTER CHINESE NEW YEAR

* TANDEM GROUP PLC- RESTRICTION ON TRAVEL IMPOSED BY CHINESE AUTHORITIES IS HINDERING MOVEMENT OF RAW MATERIALS AND LABOUR THROUGHOUT CHINA Source text for Eikon: Further company coverage:

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