23 Jun 2015 07:00
Tangent Communications plc ("Tangent" or the "Company")
AGM Statement
Tangent announces that, at the Company's AGM to be held later this morning, the following trading update will be given. The AGM is at 10:00 a.m. at the offices of Travers Smith LLP, 10 Snow Hill, London EC1A 2AL.
Tangent trading was in line with expectations for the first quarter. Forecasts for the remainder of the year have now been lowered due to anticipated under performance in Tangent Snowball. Consequently, it is anticipated that the outcome for the group for the full year will be below expectations.
Net cash at the end of the year is expected to be in excess of £2m.
Agency:
Tangent Snowball has not developed a pipeline of new business and consequently management expects profits within Tangent Snowball to be £0.5m below expectation.
The Company has recognized the need for management change. As a result, the Chief Executive of Tangent Snowball, Steve Grout has been dismissed and Tim Green has taken day to day responsibility for the Agency business. In addition Tangent Snowball will be seeking to hire new senior sales focused personnel able to deliver new clients for the business.
Print:
Our print business performed in line with budget in the first quarter and performance is forecast to continue in line with expectations.
The rationalisation of our print business continues and the full goodprint proposition is now available on printed.com. Our online customers are now benefitting from purchasing through one shop.
For further information, please contact:
Tangent Communications plcTimothy Green - Chief Executive: 020 7462 6100Jamie Beaumont- Chief Financial Officer: 020 7462 6100
Canaccord Genuity Limited - Nominated adviser and broker
Bruce Garrow / Emma Gabriel: 020 7523 8350