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2014 saw Tandem Group’s revenue up 10.5 per cent, at £31,320,000 (£28,347,000 in 2013).
Profit before tax and non-underlying items increased by a whopping 55.9 per cent from £823,000 in 2013 to £1,283,000 in 2014. Net assets grew 16.8 per cent from £5,640,000 to £6,586,000. Tandem Group owns the Dawes Cycles, Claud Butler, British Eagle, Falcon, Boss, Elswick, Townsend and Zombie brands.
In August 2014 Tandem Group bought Northampton’s Pro Rider for £5.6m, an online retailer of e-bikes, motorbility scooters and electric golf trolleys.
Revenue in Tandem’s bicycles, bicycle accessories and mobility businesses was £16,074,000 for the year ended 31 December 2014 compared to £15,149,000 in the prior year.
Operating profit for the year before the allocation of corporate charges and exceptional costs was £874,000 compared to £476,000 for the year ended 31 December 2013.
The firm said: "Increased revenues were achieved in both the Dawes and corporate bicycles businesses although Claud Butler was behind the previous year. Operating profit increased in all of the bicycles businesses and was ahead of the prior year by 83.6% including the contribution from the acquisition of Pro Rider.
"Although growth was achieved during the year, the independent bicycle market remained tough and challenging. Despite the challenges, we continue to provide quality products supported by dedicated aftersales care to our customers. Progress was made in establishing our brands Falcon, Elswick, Townsend, British Eagle, Boss and Zombie with our national retailer customers."
Tandem’s Castle Bromwich site saw 999 solar panels installed in Feb 2014 to the cost of £247,000. The amount of electricity generated has so far exceeded expectations at 247 megawat hours, with a carbon offset of around 370 metric tonnes and 80 acres of forest.
Outlook
The brand said: "We remain cautiously optimistic in our bicycles and mobility businesses. Once again we have put together strong ranges for 2015 in both Claud Butler and Dawes flagship brands and our Pro Rider electric bicycles continue to sell well. Bicycle sales to the independent bike dealers have started slowly due to a cautious approach to stock holdings at the beginning of the year. Notwithstanding this, our corporate bicycles business continues to make progress and we expect further growth in this area in 2015.
"We are encouraged by the potential of the Pro Rider business and we expect to make progress in developing and expanding the product range in the forthcoming year."
Group revenue for the 14 period to April 12th was approximately six per cent ahead of the same period last year.
