Tandem Group PLC (LON:TND) shares shot up in lunchtime trading Monday after the group issued a bullish outlook for 2019.
In a trading update for the year ended 31 December, the maker of Dawes bicycles and Ben Sayers golf clubs said the new fiscal year had “started very strongly”, with the forward order book in its MV Sports & Leisure business “considerably ahead” of the same period last year.
READ: Bike maker Tandem strides higher as full-year profits rise by almost 50%
Tandem added that despite macroeconomic uncertainties, “significant turnover growth” was expected in the current year.
For the year just gone, the company had seen its first half dented by poor weather conditions as the ‘Beast from the East’ swept through the UK, with revenues tumbling 30% year-on-year.
However, the group said it had recovered in the latter half, which meant its profits had been “only marginally behind the prior year” despite a 12% drop in revenues overall.
Tandem is expected to release its full-year results in April.
Shares were up 35% at 155p.