TIDMTNG
RNS Number : 2066R
Tangent Communications PLC
01 November 2011
Tangent Communications plc
("Tangent" or the "Company")
Results for the half-year ended 31 August 2011
Tangent, a leading integrator of technology and marketing
strategy, with industry leading digital print facilities, today
announces interim results for the period March to August 2011.
Highlights
-- Underlying operating profit(1) up by 10.3% to GBP0.95m (2010: GBP0.86m)
-- Operating profit up 34% to GBP0.95m (2010: GBP0.70m)
-- Underlying operating margin 8.6% (2010: 7.3%)
-- Basic earnings per share up 36% to 0.38p (2010: 0.28p)
-- Cash generated from operations GBP0.89m (2010: GBP0.56m)
-- Launch of printed.com to accelerate online revenues for print products
-- Combined Tangent Snowball launches and secures new business
with Experian, Pearson and Aston Martin.
(1) Underlying operating profit is defined as operating profit
after share based payment charges before restructuring costs
Tangent's CEO, Timothy Green commented:
"Improved margins and increased profits have been delivered in
the first half, notably at the operating level. We have seen a
growing demand, for printed products online and for our web
development services. The commercial exploitation of these areas is
expected to deliver significant value for the business and will be
supported by a growing investment".
For further information, please contact:
Tangent Communications plc
Timothy Green 020 7462 6100
Collins Stewart Europe Ltd
Matt Goode / Ileana Antypas 020 7523 8350
About the Company: Tangent employs 230 people across four
locations in London, Newcastle, Cheltenham and Melbourne and is
quoted on AIM (AIM: TNG). For more information please visit
www.tangentplc.com
Chief executive's review
Period Performance
First half operating profits increased by 34%. The strategy set
18 months ago to consolidate and grow the business organically has
generated another period of good results. The comparison to 2010-11
performance is particularly positive given that as expected
revenues from the General Election project were not repeated.
The sales mix continues to improve with higher margin services
replacing high volume work leaving total revenues for the first
half lower than 2010-11 by GBP759k. However, excluding the one-off
GBP1m+ revenues from the General Election campaign in 2010-11,
sales would have been marginally higher for the period. With the
exception of seasonal fluctuations we now expect the revenue trend
to turn upwards, as growth of fee income and online print sales are
expected to outstrip any decline from low margin services.
Operating margin improved by 1% as pricing was improved and
costs of production were reduced. There is still room for further
margin growth as the quality and efficiency of our customer
engagements improve.
The launch of printed.com now takes over from our previous
online presence. Advertising expenditure for the site has increased
to an annual run rate above GBP300,000, as the next period of
growth for the business gains momentum. The costs of acquiring new
customers to the site are being recovered by immediate sales but
the full potential value is yet to be factored into our forecasts.
When a longer period of trading can be analysed, lifetime customer
value will be measured and the full return on this investment
becomes clearer.
Segment Performance - Software and Communications (Tangent
Snowball)
Revenues
Fee income continues to grow and is now above 70% of revenues
for this segment. The reduction in revenues has come in print and
postage as the GBP1m in revenue from last year's General Election
campaign was not repeated. New business activities have started to
pick up pace following the rebranding of Tangent One and Snowball
into Tangent Snowball at the end of July 2011. New agreements have
been formed with Aston Martin, Experian, Pearson and Richemont
showing the high calibre of our customer engagements.
E-commerce Platform Investment
Investment has stepped up above an annual run rate of
GBP250,000, as resources are now expended on the development and
support for our TaoShop platform. The cost has not been capitalised
although we do expect to gain from increasing margins on projects
in 2012 / 13 and beyond. The open source nature of the platform
allows for more flexible and collaborative resourcing models,
generating fast and cost effective solutions. .
Outlook
The digital market is competitive yet we continue to win larger
budgets from both new and existing customers as the breadth of our
offering develops. The consolidation of this business segment into
one unit is complete with sales growth and margin benefits set to
continue for the remainder of the year and into 2012-13.
Segment Performance - Design and Print (Ravensworth, printed.com
and T/OD)
Revenues
Revenues for the segment increased, in aggregate by 3% over the
same period in the previous year. Higher revenues through the
online print shop were offset by static revenues from the estate
agency sector and reduced direct mail sales. The shift in the sales
mix to higher value digital print products is set to continue and
will be reflected in an improving gross margin for print sales. The
dependency on large budgets from single clients will diminish as
the volume of customers climbs. Over 500 new customers have been
added through the online channel in the first six months of the
year and a similar build up is expected over the second half.
Advertising
Our marketing expenditure is growing, as the cost of attracting
new customers to printed.com shifts away from traditional sales
methods to PPC (Pay Per Click) and SEO (Search Engine
Optimisation). We are experiencing excellent returns on this
expenditure and budgets are increasing monthly as we aim to capture
a greater share of the market. We are investing in a brand which
will increase its share of the expanding market place of printed
products ordered via the internet.
Production
With control over our own manufacturing, we are able to increase
our product range swiftly, placing us at an advantage against some
competitors that outsource. As sales for each product in the range
builds we will realise increased efficiencies of production and
this will result in our margins increasing yet further. This
efficiency cycle is yet to be fully developed as the market is new
and fast moving, yet we are confident that it represents a greater
opportunity for long term returns rather than an immediate
challenge.
Outlook
Currently we are funding all our growth activities with a view
to deliver immediate returns. We will need to move to a longer term
strategy to ensure we can build scale and barriers to entry that
ensure the print asset in Tangent is both protected and expanded.
We are currently reviewing the options available to us to best
achieve our objective. We expect to report more fully on the
progress of printed.com at the full year and set out our plans for
expansion.
Consolidated statements of comprehensive income Half-year Half-year Year
ended ended ended
31 August 31 August 28 February
2011 2010 2011
(unaudited) (unaudited) (audited)
Notes GBP000 GBP000 GBP000
------------------------------------------------- ------ ------------ ------------ ------------
Revenue 11,057 11,816 22,394
Cost of sales (5,269) (5,759) (11,426)
------------------------------------------------- ------ ------------ ------------ ------------
Gross profit 5,788 6,057 10,968
Operating expenses (4,842) (5,199) (9,617)
------------------------------------------------- ------ ------------ ------------ ------------
Underlying operating profit 946 858 1,351
Group restructuring expense (-) (154) (297)
------------------------------------------------- ------ ------------ ------------ ------------
Operating profit 946 704 1,054
Finance costs (8) (2) (2)
------------------------------------------------- ------ ------------ ------------ ------------
Profit before tax 938 702 1,052
Tax (283) (228) (279)
------------------------------------------------- ------ ------------ ------------ ------------
Profit for the period 655 474 773
------------------------------------------------- ------ ------------ ------------ ------------
Other comprehensive income
Exchange differences on translating foreign
operations 6 (1) 4
------------------------------------------------- ------ ------------ ------------ ------------
Total comprehensive income for the period 661 473 777
------------------------------------------------- ------ ------------ ------------ ------------
Earnings per share (pence) 4
Basic 0.38 0.28 0.45
Diluted 0.36 0.27 0.43
------------------------------------------------- ------ ------------ ------------ ------------
The results shown above relate to continuing operations and are
attributable to equity shareholders of the company.
Consolidated statements of changes
in equity for the half-year ended
31 August 2011 Share Share Merger Other Retained Total
capital premium Reserve Reserves earnings equity
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
------------------------------------- -------- -------- -------- --------- --------- -------
Half year ended 31 August 2011
At 1 March 2011 1,748 12 1,374 2,443 14,508 20,085
Comprehensive income
Profit for the period - - - - 655 655
Other comprehensive income - - - - 6 6
Total comprehensive income - - - - 661 661
------------------------------------- -------- -------- -------- --------- --------- -------
Transactions with owners
Equity dividend - - - - (347) (347)
Credit to equity for equity-settled
share based payments - - - 15 - 15
Shares to be issued - - - 38 - 38
------------------------------------- -------- -------- -------- --------- --------- -------
Total transactions with owners - - - 53 (347) (294)
At 31 August 2011 1,748 12 1,374 2,496 14,822 20,452
------------------------------------- -------- -------- -------- --------- --------- -------
Half-year ended 31 August 2010
At 1 March 2010 1,706 12 917 2,856 14,078 19,569
Comprehensive income
Profit for the period - - - - 474 474
Other comprehensive income - - - - (1) (1)
Total comprehensive income - - - - 473 473
------------------------------------- -------- -------- -------- --------- --------- -------
Transactions with owners
Equity dividend - - - - (347) (347)
Credit to equity for equity-settled
share based payments - - - 6 - 6
Issue of shares 42 - 457 (499) - -
------------------------------------- -------- -------- -------- --------- --------- -------
Total transactions with owners 42 - 457 (493) (347) (341)
------------------------------------- -------- -------- -------- --------- --------- -------
At 31 August 2010 1,748 12 1,374 2,363 14,204 19,701
------------------------------------- -------- -------- -------- --------- --------- -------
Year ended 28 February 2011
At 1 March 2010 1,706 12 917 2,856 14,078 19,569
Comprehensive income
Profit for the year - - - - 773 773
Other Comprehensive income - - - - 4 4
Total comprehensive income - - - - 777 777
------------------------------------- -------- -------- -------- --------- --------- -------
Transactions with owners
Equity dividend - - - - (347) (347)
Credit to equity for equity-settled
share based payments - - - 17 - 17
Shares to be issued - - - 69 - 69
Issue of shares 42 - 457 (499) - -
------------------------------------- -------- -------- -------- --------- --------- -------
Total transactions with owners 42 - 457 (413) (347) (261)
------------------------------------- -------- -------- -------- --------- --------- -------
At 28 February 2011 1,748 12 1,374 2,443 14,508 20,085
------------------------------------- -------- -------- -------- --------- --------- -------
Consolidated balance sheet
at 31 August 2011 31 August 31 August 28 February
2011 2010 2011
(unaudited) (unaudited) (audited)
Notes GBP000 GBP000 GBP000
------------------------------------------------------ ------------ ------------ ------------
Assets
Non-current assets
Intangible assets - goodwill 16,397 15,932 16,234
Other intangible assets 14 49 27
Property, plant and equipment 5 1,746 1,427 1,796
Deferred tax asset 132 - 112
------------------------------------------------------ ------------ ------------ ------------
18,289 17,408 18,169
------------------------------------------------------ ------------ ------------ ------------
Current assets
Inventories 110 98 135
Trade and other receivables 5,866 5,784 5,358
Cash and cash equivalents 2,489 1,505 1,934
------------------------------------------------------ ------------ ------------ ------------
8,465 7,387 7,427
------------------------------------------------------ ------------ ------------ ------------
Total assets 26,754 24,795 25,596
------------------------------------------------------ ------------ ------------ ------------
Liabilities
Current liabilities
Borrowings (89) (56) (112)
Trade and other payables (4,536) (4,313) (4,450)
Dividend payable 6 (347) (347) -
Current tax liabilities (733) (378) (432)
Provisions 7 (358) - (233)
(6,063) (5,094) (5,227)
------------------------------------------------------ ------------ ------------ ------------
Non-current liabilities
Borrowings (239) - (284)
(239) - (284)
------------------------------------------------------ ------------ ------------ ------------
Total liabilities (6,302) (5,094) (5,511)
------------------------------------------------------ ------------ ------------ ------------
Net assets 20,452 19,701 20,085
------------------------------------------------------ ------------ ------------ ------------
Equity
Share capital 8 1,748 1,748 1,748
Share premium 12 12 12
Merger reserve 1,374 1,374 1,374
Other reserves 2,496 2,363 2,443
Retained earnings 14,822 14,204 14,508
------------------------------------------------------ ------------ ------------ ------------
Total equity - attributable to equity shareholders
of the company 20,452 19,701 20,085
------------------------------------------------------ ------------ ------------ ------------
Consolidated statements of cash flows
for the half-year ended 31 August 2011 Half-year Half-year Year
Ended ended Ended
31 August 31 August 28 February
2011 2010 2011
(unaudited) (unaudited) (audited)
Notes GBP000 GBP000 GBP000
------------------------------------------- ------ ------------ ------------ ------------
Operating activities
Cash flow from operations 9 891 549 1,827
Interest paid (8) (2) (2)
Tax received/(paid) - 9 (100)
------------------------------------------- ------ ------------ ------------ ------------
Net cash inflow from operating activities 883 556 1,725
------------------------------------------- ------ ------------ ------------ ------------
Investing activities
Purchase of property, plant and equipment (280) (171) (903)
Sale of property, plant and equipment 20 6 5
Net cash used in investing activities (260) (165) (898)
------------------------------------------- ------ ------------ ------------ ------------
Financing activities
Dividends paid - - (347)
Repayment of borrowings (68) (31) (62)
New finance leases raised - - 371
------------------------------------------- ------ ------------ ------------ ------------
Net cash used in financing activities (68) (31) (38)
------------------------------------------- ------ ------------ ------------ ------------
Increase in cash and cash equivalents 555 360 789
Cash and cash equivalents at beginning
of period 1,934 1,145 1,145
------------------------------------------- ------ ------------ ------------ ------------
Cash and cash equivalents at end of
period 2,489 1,505 1,934
------------------------------------------- ------ ------------ ------------ ------------
Notes to the financial information for the half-year ended 31
August 2011
1. Basis of preparation
This consolidated half-yearly financial information, which is
condensed and unaudited for the half-year ended 31 August 2011, has
been prepared in accordance with the accounting policies which the
group expects to adopt in its next annual report and is consistent
with those adopted in the consolidated financial statements for the
year ended 28 February 2011. These accounting policies are based on
the EU-adopted International Financial Reporting Standards ("IFRS")
and International Financial Reporting Interpretations Committee
("IFRIC") interpretations that the group expects to be applicable
at that time. This consolidated half-yearly information for the
half-year ended 31 August 2011 has been prepared in accordance with
IAS 34: Interim Financial Reporting, as adopted by the EU and under
the historical cost convention.
The information relating to the half-years ended 31 August 2011
and 31 August 2010 is unaudited and does not constitute statutory
financial statements as defined in section 434 of the Companies Act
2006. It has, however, been reviewed by the auditors and their
report is set out at the end of this document. The comparative
figures for the year ended 28 February 2011 have been extracted
from the consolidated financial statements, on which the auditors
gave an unqualified opinion and did not include a statement under
section 498 (2) or (3) of the Companies Act 2006. The annual report
and accounts for the year ended 28 February 2011 has been filed
with the Registrar of Companies.
The group's financial risk management objectives and policies
are consistent with those disclosed in the 2011 annual report and
accounts.
The half-yearly report was approved by the board of directors on
28 October 2011.
The half-yearly report is available on Tangent's website,
www.tangentplc.com, and is being sent to shareholders. Further
copies are available at the Tangent's registered office, 84-86
Great Portland Street, London W1W 7NR.
Going concern
The directors are satisfied that the group has sufficient
resources to continue in operation for the foreseeable future, a
period of not less than 12 months from the date of this report.
Accordingly, they continue to adopt the going concern basis in
preparing the financial statements.
2. Operating segments
On 1(st) March 2011 Tangent revised its business segments as
follows:-
Software and communications
This segment includes Tangent Snowball and Tangent Labs.
Design and print
This segment includes Ravensworth and Tangent on Demand.
This disclosure correlates with the information that is
presented to the group's chief decision maker, the board of
directors, which reviews revenues and operating profits by segment
but assets at a consolidated level.
The comparative periods below have been amended to reflect the
change in business segments as noted above, this change does not
have any impact on previously reported operating profits, net
assets or earnings per share of the group.
Software Design
and and
Communications Print Central Total
GBP000 GBP000 GBP000 GBP000
--------------------------------- --------------- -------- --------- --------
Half-year ended 31 August 2011
Revenue 5,403 5,684 - 11,087
Less inter segment sales - (30) - (30)
--------------------------------- --------------- -------- --------- --------
Revenue from external customers 5,403 5,654 - 11,057
--------------------------------- --------------- -------- --------- --------
Results
Underlying operating profit 578 524 (156) 946
Group restructuring expense - - - -
--------------------------------- --------------- -------- --------- --------
Operating profit 578 524 (156) 946
Finance cost - (8) - (8)
--------------------------------- --------------- -------- --------- --------
Profit before tax 578 516 (156) 938
Tax (283)
--------
Profit for the period 655
--------
2. Operating segments (continued)
Software Design
and and
Communications Print Central Total
GBP000 GBP000 GBP000 GBP000
--------------------------------- --------------- -------- --------- --------
Half-year ended 31 August 2010
Revenue 7,494 5,548 - 13,042
Less inter segment sales (1,187) (39) - (1,226)
--------------------------------- --------------- -------- --------- --------
Revenue from external customers 6,307 5,509 - 11,816
--------------------------------- --------------- -------- --------- --------
Results
Underlying operating profit 510 469 (121) 858
Group restructuring expense (56) (40) (58) (154)
--------------------------------- --------------- -------- --------- --------
Operating profit 454 429 (179) 704
Finance cost - (2) -- (2)
--------------------------------- --------------- -------- --------- --------
Profit before tax 454 427 (179) 702
Tax (228)
--------
Profit for the period 474
--------
Year ended 28 February 2011
Revenue 14,804 10,330 - 25,134
Less inter segment sales (2,650) (90) (2,740)
--------------------------------- --------------- -------- --------- --------
Revenue from external customers 12,154 10,240 - 22,394
--------------------------------- --------------- -------- --------- --------
Results
Underlying operating profit 980 629 (258) 1,351
Group restructuring expense (170) (69) (58) (297)
--------------------------------- --------------- -------- --------- --------
Operating profit 810 560 (316) 1,054
Finance cost - (2) - (2)
--------------------------------- --------------- -------- --------- --------
Profit before tax 810 558 (316) 1,052
Tax (279)
--------
Profit for the period 773
--------
3. Share options and share-based payment charge
The total share-based payment charge for the period was
GBP15,000 (half-year ended 31 August 2010: GBP6,000 and year ended
28 February 2011: GBP17,000) and has been included with operating
expenses.
The movements in share options and the corresponding weighted
average exercise prices ("WAEP") are summarised below:
Number WAEP
000 Pence
------------------- ------- ------
At 1 March 2011 13,967 4.50
Granted 777 1.00
At 31 August 2011 14,744 4.32
------------------- ------- ------
For the share options outstanding at 31 August 2011 exercise
prices ranged between 1p and 13.25p per share and the weighted
average remaining contractual life was 4.23 years.
4. Earnings per share
The calculation of the basic and diluted earnings per share is
based on the following:
Half-year Half-year Year
ended Ended ended
31 August 31 August 28 February
2011 2010 2011
GBP000 GBP000 GBP000
------------------------------------- ---------- ---------- ------------
Profit attributable to shareholders 655 474 773
------------------------------------- ---------- ---------- ------------
4. Earnings per share (continued)
Number Number Number
000 000 000
------------------------------------ -------- -------- --------
Weighted average number of shares:
For basic earnings per share 173,264 169,467 173,264
Adjustment for options outstanding 4,924 3,652 3,814
Adjustment for contingent shares 1,753 - 1,126
------------------------------------ -------- -------- --------
For diluted earnings per share 179,941 173,119 178,204
------------------------------------ -------- -------- --------
Pence Pence Pence
per share per share per share
--------------------- ---------- ---------- ----------
Earnings per share:
Basic 0.38 0.28 0.45
Diluted 0.36 0.27 0.43
Diluted earnings per share is calculated by adjusting the
weighted average number of ordinary shares outstanding to assume
conversion of all dilutive potential ordinary shares. Tangent has
two categories of dilutive potential ordinary shares: share options
and shares contingently issuable as consideration for an
acquisition.
A calculation is performed for the share options to determine
the number of shares that could have been acquired at fair value
based on the monetary value of the subscription rights attached to
the outstanding share options. The number of shares from this
calculation is compared with the number of shares that would have
been issued assuming the exercise of the options and the difference
is deemed to be the number of dilutive shares attributable to share
options.
The estimated number of shares that will be issued in the future
as purchase consideration for current subsidiaries is deemed to be
the number of dilutive shares issuable as consideration for
acquisitions.
5. Property, plant and equipment
During the period the group spent GBP278,195 on additions to
plant, equipment and computers to upgrade production facilities and
enhance client services.
6. Dividends
Amounts recognised as distributions to equity holders in the
period:
Half-year Half-year Year
ended ended Ended
31 August 31 August 28 February
2011 2010 2011
GBP000 GBP000 GBP000
----------------------------------------- ---------- ---------- ------------
Dividend for the year ended 28 February
2011 of 0.2p per share 347 347 -
----------------------------------------- ---------- ---------- ------------
The Tangent employee share ownership trust holds 1,428,340
shares and it has waived its right to receive dividends.
The dividend for the year ended 28 February 2011 was approved by
shareholders at the annual general meeting on 30 August 2011 and
paid on 21 September 2011 it has therefore been recognised as a
liability at 31 August 2011.
7. Provisions
Provisions are for the cash consideration payable for the
acquisition of the entire share capital of The DDG Network Limited
together with the business and assets of Double D Management
LLP.
8. Share Capital
Allotted and fully paid
Number of ordinary 1p shares
31 August 31 August 28 February
2011 2010 2011
000 000 000
Bought forward 174,692 170,534 170,534
Issued in the period - 4,158 4,158
---------------------- ---------- ---------- ------------
Carried forward 174,692 174,692 174,692
---------------------- ---------- ---------- ------------
8. Share Capital (continued)
Nominal value
31 August 31 August 28 February
2011 2010 2011
GBP000 GBP000 GBP000
Brought forward 1,748 1,706 1,706
Issued in the period - 42 42
---------------------- ---------- ---------- ------------
Carried forward 1,748 1,748 1,748
---------------------- ---------- ---------- ------------
9. Cash flow from operations
Half-year Half-year Year
Ended ended Ended
31 August 31 August 28 February
2011 2010 2011
GBP000 GBP000 GBP000
---------------------------------------------- ---------- ---------- ------------
Profit before tax for the period 938 702 1,052
Depreciation and amortisation of non-current
assets 341 348 732
Profit on sale of plant and equipment (20) (5) (3)
Net interest charge 8 2 2
Net foreign exchange gain/(loss) 6 (1) 4
Share-based payment charge 15 6 17
---------------------------------------------- ---------- ---------- ------------
1,288 1,052 1,804
Movements in Working Capital
Decrease/(increase) in inventories 25 8 (29)
Increase in trade and other receivables (508) (498) (72)
Increase/(decrease) in trade and other
payables 86 (13) 124
Cash generated from operations 891 549 1,827
---------------------------------------------- ---------- ---------- ------------
10. Analysis of net funds
1 March Cash 31 August
2011 flows 2011
GBP000 GBP000 GBP000
------------------ -------- ------- ----------
Cash at bank and
in hand 1,934 555 2,489
Finance Leases (396) 68 (328)
------------------ -------- ------- ----------
Net funds 1,538 623 2,161
------------------ -------- ------- ----------
Independent review report by the auditors for the half-year
ended 31 August 2011
Introduction
We have been engaged by the company to review the condensed set
of financial statements in the half-yearly financial report for the
half-year ended 31 August 2011 which comprises the consolidated
statement of comprehensive income, consolidated statement of
changes in equity, consolidated balance sheet, consolidated
statement of cash flows and related notes. We have read the other
information contained in the half-yearly financial report and
considered whether it contains any apparent misstatements or
material inconsistencies with the information in the condensed set
of financial statements.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and
has been approved by, the directors. The directors are responsible
for preparing the half-yearly financial report in accordance with
the AIM Rules for Companies.
As disclosed in note 1, the annual financial statements of the
group are prepared in accordance with IFRSs as adopted by the
European Union. The condensed set of financial statements included
in this half-yearly financial report has been prepared in
accordance with International Accounting Standard 34: Interim
Financial Reporting, as adopted by the European Union.
Our responsibility
Our responsibility is to express to the company a conclusion on
the condensed set of financial statements in the half-yearly
financial report based on our review.
Scope of review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2010: Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity, issued by the Auditing Practices Board for use in
the United Kingdom. A review of interim financial information
consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other
review procedures. A review is substantially less in scope than an
audit conducted in accordance with International Standards on
Auditing (UK and Ireland) and consequently does not enable us to
obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do
not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the half-yearly financial report for the half-year ended 31
August 2011 is not prepared, in all material respects, in
accordance with International Accounting Standard 34 as adopted by
the European Union and the AIM Rules for Companies.
UHY Hacker Young LLP
Chartered Accountants
Quadrant House
4 Thomas More Square
London E1W 1YW
28 October 2011
Notes
1. The maintenance and integrity of the Tangent Communications
plc website is the responsibility of the directors; the work
carried out by the auditors does not involve consideration of these
matters and, accordingly, the auditors accept no responsibility for
any changes that may have occurred to the half-yearly report or the
auditors' review report since they were initially presented on the
website.
2. Legislation in the United Kingdom governing the preparation
and dissemination of financial information may differ from
legislation in other jurisdictions.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR DFLFXFBFEFBD
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