Tandem looks to improve profitability having black-balled snooker business
Peterborough’s Tandem Group, the sports and leisure equipment provider, pointed to its decision to drop its Pot Black business as explanation for a big drop in revenues for the six months ended 31 July 2006.However, despite turnover falling to £16.1m for the period (2005: £22.4m), the company managed to almost halve its pre-tax loss from £399k in 2005 to £207k this year and pointed out that the second half of the year was traditionally its strongest half.
Tandem chairman, Graham Waldron, said: “We reminded shareholders in the annual report issued in May 2006 that profits for the group have historically been concentrated in the second half of the year. This year will be no exception.
“All businesses in the Group are working on initiatives to improve profitability.
“Now that the problems encountered at our Pot Black business are behind us we expect that the level of profitability in the second half will return to a more acceptable level.”