LONDON (Alliance News) - Tangent Communications PLC Monday reported a jump in profits and revenues for the first half of the year and said they're also up on the year so far in the second half, after investments it made in the business last year started to pay off.
The internet retailer of personalised products and digital marketing agency launched a restructuring programme last year, closing less-profitable work and focusing on high-margin contracts with big clients in its marketing agencies.
Revenues in the six months to end-August to GBP13.5 million, from GBP12.1 million, as sales rose strongly in its internet retailing businesses. Sales fell at the marketing agencies fell due to the business changes, but rising margins across the board took total pretax profit to GBP1.5 million, from GBP964,000. It also reported cash of GBP2.2 million, up from GBP1.6 million a year earlier.
"We spent much of last year investing in our business; the benefits of this will be most noticeable in the second half. The second half of the year to February 2014 has begun well and like for like sales and profits are now ahead of the prior year," Chief Executive Timothy Green said in a statement.
Tangent's shares were up 25.2% at 9.3875 pence early Monday.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
Copyright © 2013 Alliance News Limited. All Rights Reserved.