Proactive Investors - Tandem Group PLC shares dropped 7% in early trade on Monday after the sports and leisure goods company reported a fall in pretax profit for 2022 and said sales have been slower than expected at the start of the current year.
The company noted that its sales were affected by an early Chinese New Year and continued caution amid UK retailers, while first-quarter results will be further hurt by a significant number of delays from the UK ports due to additional custom checks.
For 2022, Tandem reported a drop in pretax profit to £852,000, down from £4.7 million a year earlier, as revenue fell to £26.7mln from £40.9mln. The company said it will pay a final dividend of 6.57p, bringing the total dividend to 10.0p a share, flat on a year earlier.
Around 9.35am in London, Tandem shares were down 7.1% at 230p.