Tough going for MV

MV Sports? parent company Tandem has posted its latest financial results, showing both turnover and profits down.
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Pre-tax profit for the six months ended 31st July 2005 was £304,000 compared to £280,000 for the same period last year. Turnover was £22.37m compared to £24.54m last year.

There was a loss after goodwill amortisation, exceptional items and taxation of £399,000 compared to a profit last year of £159,000.

The group also owns bike brands Falcon, Dawes, Claud Butler, Shogun, British Eagle and Optima.

MV Sports, once one of the group?s star performers also suffered.

Chairman Graham Waldron said:"Turnover [at MV] is down on last year due to the closure of a significant catalogue shop customer, increased competition against some of our longer established licences and a general malaise in the retail sector. Although the margins were maintained, our lower overheads failed to compensate for the reduced turnover. Profitability was down on the excellent performance for the first half of last year."

He added:"Our bicycle business made a good start in the first quarter of the current year with increased turnover and margin and reduced overheads. Demand weakened in the second quarter, resulting in a lower turnover for the six months compared to last year. The level of improved margins and reduced overheads was maintained resulting in increased profitability for the six months over last year."

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