Tandem’s trading update confirms FY25 revenue of £26.2m, up 6.2% YoY, which was slightly below our £27.3m forecast amid ongoing macroeconomic headwinds and weak consumer confidence. Nevertheless, tighter control of overheads, better buying (including through several new suppliers), positive pricing of new product launches, and favourable foreign exchange movements supported improved margins and adj. PBT slightly (£0.1m) ahead of expectations at £0.6m. We release new forecasts for FY26E which ass ....
