Proactive Investors - Tandem Group PLC (LON:TND) took a big hit to its share price this morning as it became the latest casualty exposed to the challenging consumer market.
The London Stock Exchange-listed company’s stock fell 20.95% after the markets opened on the day of the release of its interim results for 2023, with its share price dropping to 166p by 9.46 am, down from 188p in the early hours.
The sports and mobility equipment retailer said it generated a pre-tax loss of £900,000 for the first half of the year, a loss three times the size of the profit it posted in the first half of 2022.
Its group revenue fell by nearly a quarter to £9.8 million for the period, despite a 53% uplift in its eMobility business.
Tandem’s chairman Steve Grant said it had postponed its interim dividend to take “into account performance” during the period, citing a “difficult economic environment”.
The company said “stubbornly high inflation” and persistent interest rate increases had a “direct impact on consumers’ disposable income”.