Tandem Group PLC - Birmingham, England-based sports and leisure product retailer - Expects to meet market expectations for 2024, though it notes a ‘challenging environment marked by increasing freight costs’. These have more than trebled ‘in recent months,’ citing the ongoing conflict in the Red Sea. ‘Additionally, we have experienced some of the wettest seasonal weather on record, further impacting consumer demand. Moreover, high interest rates have persisted longer than anticipated, restricting consumer spending power and presenting another layer of complexity to our market dynamics,’ Chair Steve Grant says ahead of the firm’s annual general meeting.
Tandem adds: ‘Looking ahead, we anticipate prevailing challenges to persist due to the significant rises in freight costs resulting from the ongoing conflict in the Red Sea. Vessels are now navigating around the Cape of Good Hope as an alternative route, leading to extended shipping times and a shortage of containers.’
Current stock price: 165.00 pence each, down 6.8% on Wednesday morning in London
12-month change: down 27%
Copyright 2024 Alliance News Ltd. All Rights Reserved.
