Tandem returns to profitability in FY24

(Sharecast News) - Retailer Tandem Group said on Wednesday that it had returned to profitability in FY24, partly driven by double-digit revenue growth.

Tandem said H1 revenues remained stable year-on-year, reflecting "ongoing challenges" within the consumer sector and broader economic environment. However, Tandem said a stronger H2 performance had driven an improvement, resulting in unaudited FY24 revenues of £24.6m - an 11% increase year-on-year.

The AIM-listed firm also highlighted that it had returned to profitability in FY24 and remains confident that pre-tax profits will be in line with market expectations, reflecting disciplined execution, cost controls, and operational resilience, maintaining profitability in "a challenging environment".

Looking forward, Tandem said early indicators from retailers had aligned with management and, as a result, remains confident in its strategy for the year ahead and beyond, with management targeting FY25 revenue growth in line with that seen in FY24.

"The group heads into 2025 with a strong balance sheet and well-managed stock, well positioned for the year ahead, with planned new partnerships with retailers and independent accounts, major operational improvements, and opportunities for international growth. Our commitment to progress and adaptability remains a focus to delivering lasting value to our shareholders," said Tandem.

As of 1100 GMT, Tandem shares were up 10% at 176.00p.

Reporting by Iain Gilbert at Sharecast.com