Tandem Group Plc

0.00 (0.0%)
Share Name Share Symbol Market Type Share ISIN Share Description
Tandem Group Plc LSE:TND London Ordinary Share GB00B460T373 ORD 25P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 240.00 1,640 08:00:00
Bid Price Offer Price High Price Low Price Open Price
230.00 250.00 240.00 240.00 240.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Forestry 26.68 0.67 12.30 20.00 13.13
Last Trade Time Trade Type Trade Size Trade Price Currency
14:14:58 O 1,630 237.00 GBX

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Tandem (TND) Discussions and Chat

Tandem Forums and Chat

Date Time Title Posts
29/3/202318:37Tandem Thread with Charts5,637
23/6/202213:32shocker - 2 years of pain to work through -
11/9/202011:01Tandem Group - 2
01/2/201218:28Tandem.....good times ahead !534
24/8/200517:46Tandem Group303

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Tandem (TND) Most Recent Trades

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Posted at 29/3/2023 18:37 by castleford tiger

Interesting post thank you.

As a CEO myself in an equally tough sector ( food and drinks) let me give you my take on it.

Firstly i agree the cycle market is going through a tough period sources say a 20 year low.

However within those headlines there are many strands.

Firstly e bike sales are massively up on this period last year. I expect this to continue especially at the more value end of the market.
The kids bike market is a different thing altogether and the customers TND have will and are still buying bikes both in the UK and FOB basis.

I do not believe that the cycle division will suffer significant losses this year but time will tell.
Therefore to say zero chance is in my opinion wrong.

looking at Moore large now......... The business lasted 12 months after the MBO which tells me a few things.
Firstly is there any point in buying £40m of turnover if its not profit making?
The profits had been paid out over 3.5m in dividends and not put into assets for the dark days.

Why not let the stock get sold/cleared ,and its one less player in the market.
There are others who will go under leaving only the very strong.

These are normal business cycles and the industry will be leaner once its washed through. Tandem being very strong, should in the longer term pick up more business.

I have just under 3% ( 150,000 shares) and as such i take a keen interest in whats going on.

I am also aware its tough out there right now for tandem due to some strange government and banking ( interest rates) decisions.
Energy has been responsible for the majority of inflation ( its not structural) and terrible harvest in Europe in 2022 and winter 22/23 has caused a spike in inflation to 15%. ( on many food items)
We cannot afford to grow food if the energy costs are up 600% Electricity 12p per kwh to 75p you get inflation.

This will fall rapidly now energy prices are falling
However taking more money out of peoples pockets by raising interest rates is foolhardy in my opinion.
These were not Tandems doing by the way.

However we have a single site now ,that we own that would cost us £1.5m a year to rent.We used past profits to buy the land and build. ( who owned the MOORE buildings !!)
We have stripped out costs as per the statement that should save us at least £500k a year going forward.
We have some good trading partners and in Peter we have a CEO who is not afraid to make sometimes difficult decisions.
Clearly having been round the block not everyone will be a supporter but i think he is doing a good job..

Can i also clarify i do not mind other opinions good or bad but i do get upset when things are quoted as fact but actually they are a opinion. ( not you by the way)

I will have a read back by the way.

All the best and i hope you do not take offence to my views.


Posted at 28/3/2023 08:48 by castleford tiger
Well we all have opinions but lets start with a few errors. ( in the above statement)

We are currently not net cash but have a small amount of debt after building the warehouse.
The rent on such a building would be over 1.5m a year if we did not own it.

I would rather have this on the books ( as an appreciating asset )than have rent of over 1.5m a year to pay.

The poster goes on to say they estimate a swing to 1-2 million loss this year V a company forecast of £1.6 million profit. ( i actually have £1.2m as my target)

Clearly the poster has a down on the business.( the company will have to tell us if targets will be missed)

The savings this year that were not there last year.............are the

Rent and rates on the northants site.
The rent on the Felixstowe site.
The costs of double handling goods will be removed.
The wages of the staff at the northants site
The dual computer and other systems
other costs associated with running a second site.

With the shares being traded at less than 50% of their NAV i would of considered starting a share buy back program to buy 10/20% of the company shares back and put in treasury.

This would of increased debt in the short term but rewarded shareholders with a reduction in capital.

Whilst 2023 will be another difficult year i think TANDEM are well placed to pick up business from failing weaker companies.


Posted at 28/3/2023 07:16 by rcturner2
The following post on Stockopedia might be of interest:

Yesterday 8:51 am
Tandem Group (TND)

Horrible results .

Balance sheet is super strong but that is based on the freehold etc and new warehouse .

Cash has evaporated due to new warehouse .

Interestingly stock level looks ok as only 4 million so looks like they have not got an over stock issue which is very good .

I would estimate they will swing to a 1-2 million loss this year .

Good points - great balance sheet and stock level not excessive

Bad points - moving to loss making and moving from net cash to debt .

It’s an Iron Maiden share right now

Run for the hills .

Posted at 27/3/2023 17:52 by boystown
Re-tipped by Simon Thompson

Annual results from Birmingham-based Tandem (TND:230p), a designer, developer, distributor and retailer of sports, leisure and mobility equipment, were in line with analysts’ forecasts at the interim results stage, last year’s shortfall reflecting the cost of living crisis as customers tightened their belts.

Revenue from toys, sports and leisure activities showed relative strength, down ‘only’ 11 per cent to £14.8mn, the segment accounting for 55 per cent of the group total. However, sales from the group’s bicycle, e-mobility and home and garden divisions all dropped by around half, hence the 35 per cent decline in group revenue. Operating profit plunged even faster due to the negative operational leverage effect.

Potential for earnings recovery
However, there are enough positives to suggest that 2022 is likely to be the trough for earnings. Indeed, house broker Cenkos Securities forecasts a recovery in operating profit from £1.3mn to £1.6mn on 12 per cent higher revenue of £30mn. The revenue growth is expected to be driven by new product launches (new licences and new e-bikes, sales of the latter of which have trebled in the year to date), and additional customer accounts.

For instance, Tandem has added 47 new Ben Sayers accounts (a golf brand) since the autumn to expand its national presence, opened 128 new accounts with national independent bike dealers to boost growth in both traditional and e-bikes, and plans to release a new range of e-bikes under its established own brands, Dawes and Claud Butler. Moreover, since relaunching its home and garden website,, in December, website activity has doubled.

The directors also revealed that Tandem has secured a number of leading new toy licences including Gabby’s Doll House, Encanto, Sonic the Hedgehog and Transformers, which combined with far more new film releases in 2023, should support demand.

Of course, consumers need free cash to spend, so it’s worth noting that economists at leading investment banks expect the UK consumer price index (CPI) rate to drop back towards the Bank of England’s 2 per cent inflation target by the year-end, the energy price cap is set to fall 20 per cent in July, and fixed mortgage rates sub-4 per cent and trending lower for prime borrower. In other words, many of the headwinds Tandem’s businesses faced last year are starting to ease.

Solid balance sheet and low rating

Importantly, Tandem maintains a rock-solid balance sheet. A revaluation of its property assets following the completion of a warehouse expansion that consolidated three sites to a single 160,000 square feet facility in Birmingham led to a £2mn positive uplift on revaluations. Property assets now account for £14.7mn of group net asset value (NAV) of £26.8mn (475p).

The £4mn increase in NAV was also driven by a £2mn reduction in the group pension deficit following the surge in bond yields. The scheme deficit has been wiped out and the board is sensibly looking at ways to crystalise the recent gains.

In addition, net borrowings of £1.55mn came in £1.1mn below Cenkos’ forecast and this means that Tandem is less exposed to the recent increase in interest rates. It also means that balance sheet gearing is low (below 6 per cent), so the group has the firepower to acquire financially weaker and distressed rivals in the bicycle segment. They could be easily absorbed into Tandem’s existing infrastructure and generate meaningful synergies.

Admittedly, Tandem shares have come under pressure since the interim results (‘Bottom fishing for recovery plays’, 15 September 2022). However, with the shares trading on less than half book value, Tandem’s enterprise valuation equating to only nine times operating profit estimates, and a 4.4 per cent dividend yield on offer, too, the shares rate a recovery buy.

Posted at 27/3/2023 15:41 by 1tx
Pleased to see that Tandem have a new range of ebikes for release later this year.A good offer at the up to £1500 & perhaps £2000 price point would I think go down well with independent bike shops who don't have the customer base,or finance, to carry the ranges offered by the big brands.Dawes have a good brand name esp with older buyers who are a big part of the market.

ebikes are not included in UK sales figures for bikes & although they are only at a level of around 10% of "human" pedal bikes in terms of value they are about a third of that market by value.

Interested to see the pension deficit is falling.I wonder if we are reaching the point where a buy out is possible.

Posted at 09/2/2023 10:17 by davidosh
This is when he joined the board a year ago…

He has been with Expressco seven years

21 February 2022

Tandem Group plc

("Tandem" or the "Company" and together with its subsidiaries the "Group")

Directorate Change, Director/PDMR Share Dealing and Transaction in Own Shares

The Board of Tandem Group plc (AIM: TND), designers, developers and distributors of sports, leisure and mobility equipment, is pleased to announce the appointment of Martin Fisher to the Tandem board of directors as E-Commerce and Supply Chain Director with immediate effect.

Mr Fisher has served as Managing Director of Expressco Direct Limited, a subsidiary of the Company, since 2016. Prior to joining the Company Mr Fisher was Head of E-commerce at The Fitness Superstore between 2013 and 2016 having operated in E-commerce leadership roles since 2000.

Posted at 16/12/2022 12:24 by my retirement fund
Amazing how a little volume can shift the share price so radically
Posted at 09/11/2022 14:00 by darrin1471
"A wave of Chinese deflation will soon be coming our way.... China is slipping back into deflation. Factory gate prices rolled over in the spring and have been falling in absolute terms for the last three months."
"The workshop of the world will again be exporting goods disinflation to Europe and America within months."
"All circumstances are aligned for another long wave of cheap imports from China and East Asia. The supply chain disruptions following Covid have largely dissipated and oceanic shipping costs have returned to levels that restore the commercial arbitrage advantage to the Far East."
China’s tightly controlled currency basket (CFETS) has already fallen 7pc since March. “It is clear that the authorities are allowing the fix to gradually weaken,” said Khoon Goh, currency strategist at Australia’s ANZ.


My concern remains the £8.5m stock TND held at end of H1 and that new inventory will land at significantly lower prices. Long lead times were reported earlier this year. So is more stock arriving at agreed higher prices or have TND been able to cancel orders?

Posted at 11/3/2022 17:15 by km18
...from last year...

Tandem published its Half Year report including interims for H1 21 this morning. The numbers look pretty decent, top line revenue growth was reasonable at 14%, net profit was up 40%, EPS up 38%, the balance sheet is solid and growing with a healthy cash pile of £5.9m. The share price has enjoyed a massive rally of over 380% over the past 18 months from post-Covid lows. But valuation is still attractive, forward PE ratio is 8.5, PS ratio is 0.75.

There is growth here, there is a very reasonable price here and there is a strong balance sheet with ample cash and negative net debt. The share price has been drifting sideways through 2021 following a massive rally in 2020, so there is little near term momentum. Today’s results and near 10% spike in price may be the catalyst to start the share price on another leg higher, investors may need to wait a little as the current period of consolidation extends, it remains to be seen. But this is one to BUY and hold for a few years. Initial target at range high and record high from April 21 is at 705p, already 20% upside from current spot. Thereafter, there is scope for plenty more upside....

...from WealthOracleAM

Posted at 08/9/2021 09:16 by skwas1
Has the Halfords comment on supply chain issues caused the TND share price fall today? Hoping our Sept trading update start to change direction of this share price So far it’s not done much for me over the last 12 months.
Tandem share price data is direct from the London Stock Exchange
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