24 Jul 2008 07:00
Date: 24 July 2008
On behalf of: Tangent Communications PLC ('Tangent' or the 'Company')
Tangent Communications plc
AGM Statement
Tangent Communications plc, announces that at the Company's Annual General Meeting, to be held at 10am today, Piers Caldecote, Chairman of Tangent, will make the following statement:
"Strong growth has been achieved in our on-line business (like-for-like revenue up 88%) and from local level marketing services (like-for-like revenue up 50%). However, revenue from estate agent particulars has fallen by 22% in the first four months. The overall effect of these factors, together with the performances elsewhere in the group is a small increase in group revenue and profits which are in line with budget.
At Ravensworth, production throughput has increased with the benefit of diversification and intra-group business. The direct marketing contract announced in our preliminary announcement on 14 May 2008 was successfully implemented and as a result we anticipate further such business as the year progresses.
By October we will have relocated our head office and completed the transfer of production work to Ravensworth in Newcastle with resulting improvements in costs and efficiency.
The 22% fall in estate agent revenue in the period to the end of June referred to above has been offset by growth in other parts of Tangent at both the revenue and profit level. Whilst we expect that growth in other parts of the business to continue, forecasting activity levels in the residential property market is particularly challenging in the current environment. We are planning and preparing for a further decline, in which case profits will be below current expectations."
Further enquiries:
Tangent Communications plc 020 7553 6600
Nicholas Green (Joint CEO)
Graeme Harris (Finance Director)
Collins Stewart
Chris Wells, Stewart Wallace 020 7523 8350
Notes to Editors
Tangent Communications plc
Tangent Communications creates web marketing systems for companies including Borders Books, Gala Coral Group, SAP and The Labour Party. The Company employs 170 people across three locations, London, Newcastle and Cheltenham and is admitted to trading on AIM (AIM : TNG).
www.tangentuk.com