Delticom: Tirendo’s business concept not successful
At Delticom’s Annual General Meeting in Germany yesterday, shareholders were informed that the online tyre retailer would distribute a dividend of € 0.25 per share for the 2014 financial year – only half that of the previous year. This smaller dividend particularly reflected a three-quarter drop in net profit – a decline “mainly due to the higher cost base after the Tirendo acquisition.” Andreas Prüfer, head of the company’s board of management, also told shareholders that the Tirendo business concept “of achieving 50 per cent or 100 per cent growth in the online tyre market through high advertising and personnel expenses did not prove successful.”
