TIDMTNG
RNS Number : 3930P
Tangent Communications PLC
24 October 2012
Tangent Communications plc ("Tangent" or the "Company")
Results for the half-year ended 31 August 2012
Highlights
-- Revenues of GBP12m, up GBP1m (2011: GBP11m)
-- Underlying Operating Profit of GBP0.98m, up GBP0.03m (2011: GBP0.95)
-- Basic Earnings per Share of 0.41p, up 0.03p (2011: GBP0.38)
-- Post period end: Tangent today announces the acquisition of
Goodprint UK Limited and a GBP10 million placing to new and
existing shareholders
Chief executive's review
Period Performance
Tangent increased performance in all key measures of revenue,
profit before tax and earnings per share. In addition to steady
performance across the business lines, printed.com has grown
significantly. The past six months has seen a rapid increase in
these revenues all derived online.
Gross margins (net of direct cost of sales and direct wages)
grew to 57%, up from 52%. This trend is expected to continue as
Tangent continues to provide higher quality products and services
which derive higher margins. Additional expenditure will be seen in
advertising as we move to online channels to generate revenues.
Online
printed.com has a high concentration on performance based
advertising to drive customer acquisition. Advertising is expected
to remain proportional to revenue growth and totalled GBP600,000
for the period. Lower proportions of wages or overheads to revenues
are characteristic of the online business where operational gearing
opportunities are gained by the website's ability to generate and
process increasing revenues. Over 50% of transactions are now made
via credit card payment or paypal ensuring cash is received well
ahead of traditional revenues.
In the short term, the investment in online infrastructure and
the build-up of customer numbers for printed.com will generate
lower margins as we test and learn to better optimise our product
range to meet customer demands. Progress will be measured by KPI's:
Revenues, COCA (cost of customer acquisition) and Conversion Rates.
These metrics will be published at the full year and then reported
on thereafter.
Ravensworth and T/OD sales remained in line with previous
periods, yet margins have improved as we have increased our pricing
without significant impact on customer numbers or revenues.
Digital
Tangent Snowball continues to attract high calibre engagements
with additional contracts picked up with Carlsberg, Richemont Group
and TATA in the period. Our contract with Pearson in Australia has
seen some reduction and we will monitor the progress of the office
closely in the next six months. The investment into our two
software products Connect (Enterprise Marketing Solution) and Oscar
(e-commerce) has progressed well. We expect released versions to be
adopted by clients in the second half of the year. New business
canvassing is progressing well and we expect to announce further
contracts that have been secured for launch in the second half of
the year.
Outlook
The characteristics of the Online business are attractive.
Following the successful build-up of our printed.com business, our
strategy will drive new and convert existing revenues to this
model. The acquisition of Goodprint, which is referred to above,
will sit alongside the existing printed.com business to create a
multi brand web division. Combined with the continued progress in
other parts of the Group, the board remains confident in the
Company's future prospects.
Full terms of the acquisition and placing are detailed in the
announcement released separately today and in the circular which is
available at the Company's website
(http://tangentplc.com/reports)
For further information, please contact:
Tangent Communications plc
Timothy Green, CEO 020 7462 6100
Canaccord Genuity Limited
Bruce Garrow, Cameron Duncan, Emma Gabriel 020 7523 8350
Portland Communications 020 7842 0123
Louise Rutter
Half-year Half-year Year
ended ended ended
31 August 31 August 29 February
Consolidated statements of comprehensive
income
for the half-year ended 31 August 2012 2012 2011 2012
(unaudited) (unaudited) (audited)
Notes GBP000 GBP000 GBP000
------------------------------------------------- ---------- ---------------- ---------------- ----------------
Revenue 12,092 11,057 21,724
Cost of sales (5,194) (5,269) (9,891)
------------------------------------------------- ---------- ---------------- ---------------- ----------------
Gross profit 6,898 5,788 11,833
Operating expenses (5,855) (4,827) (10,195)
Share-based payment charges (65) (15) (110)
Underlying operating profit 978 946 1,528
Non-recurring expense - - (57)
------------------------------------------------- ---------- ---------------- ---------------- ----------------
Operating profit 978 946 1,471
Finance costs (14) (8) (17)
------------------------------------------------- ---------- ---------------- ---------------- ----------------
Profit before tax 964 938 1,454
Tax (241) (283) (414)
------------------------------------------------- ---------- ---------------- ---------------- ----------------
Profit for the period 723 655 1,040
------------------------------------------------- ---------- ---------------- ---------------- ----------------
Other comprehensive income
Exchange differences on translating foreign
operations (5) 6 13
------------------------------------------------- ---------- ---------------- ---------------- ----------------
Total comprehensive income for the period 718 661 1,053
------------------------------------------------- ---------- ---------------- ---------------- ----------------
Earnings per share (pence) 4
Basic 0.41 0.38 0.59
Diluted 0.40 0.36 0.58
------------------------------------------------- ---------- ---------------- ---------------- ----------------
The results shown above relate to continuing operations and are
attributable to equity shareholders of the company.
Share Share Merger Other Retained Total
Consolidated statements of
changes
in equity
for the half-year ended 31
August
2012 capital premium Reserve Reserves earnings equity
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
--------------------------------- ------------ ------------ ------------ ------------- ------------- -----------
Half year ended 31 August
2012
At 1 March 2012 1,766 101 1,374 2,521 15,214 20,976
Comprehensive income
Profit for the period - - - - 723 723
Other comprehensive income - - - - (5) (5)
Total comprehensive income - - - - 718 718
--------------------------------- ------------ ------------ ------------ ------------- ------------- -----------
Transactions with owners
Equity dividend - - - - (350) (350)
Credit to equity for
equity-settled
share based payments - - - 5 - 5
Shares to be issued - - - 37 - 37
--------------------------------- ------------ ------------ ------------ ------------- ------------- -----------
Total transactions with
owners - - - 42 (350) (308)
At 31 August 2012 1,766 101 1,374 2,563 15,582 21,386
--------------------------------- ------------ ------------ ------------ ------------- ------------- -----------
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
--------------------------------- ------------ ------------ ------------ ------------- ------------- -----------
Year ended 29 February 2012
At 1 March 2011 1,748 12 1,374 2,443 14,508 20,085
Comprehensive income
Profit for the year - - - - 1,040 1,040
Other Comprehensive income - - - - 13 13
Total comprehensive income - - - - 1,053 1,053
--------------------------------- ------------ ------------ ------------ ------------- ------------- -----------
Transactions with owners
Equity dividend - - - - (347) (347)
Credit to equity for
equity-settled
share based payments - - - 40 - 40
Shares to be issued - - - 107 - 107
Issue of shares 18 89 - (69) - 38
--------------------------------- ------------ ------------ ------------ ------------- ------------- -----------
Total transactions with
owners 18 89 - 78 (347) (162)
--------------------------------- ------------ ------------ ------------ ------------- ------------- -----------
At 29 February 2012 1,766 101 1,374 2,521 15,214 20,976
--------------------------------- ------------ ------------ ------------ ------------- ------------- -----------
Consolidated balance sheet
at 31 August 2012 31 August 31 August 29 February
2012 2011 2012
(unaudited) (unaudited) (audited)
Notes GBP000 GBP000 GBP000
---------------------------------------------------------- ---------------- ---------------- ----------------
Assets
Non-current assets
Intangible assets - goodwill 17,028 16,397 16,865
Other intangible assets 5 185 14 2
Property, plant and equipment 6 2,145 1,746 2,126
Deferred tax asset 138 132 138
---------------------------------------------------------- ---------------- ---------------- ----------------
19,496 18,289 19,131
---------------------------------------------------------- ---------------- ---------------- ----------------
Current assets
Inventories 140 110 129
Trade and other receivables 5,403 5,866 5,055
Cash and cash equivalents 1,561 2,489 1,819
---------------------------------------------------------- ---------------- ---------------- ----------------
7,104 8,465 7,003
---------------------------------------------------------- ---------------- ---------------- ----------------
Total assets 26,600 26,754 26,134
---------------------------------------------------------- ---------------- ---------------- ----------------
Liabilities
Current liabilities
Borrowings (181) (89) (177)
Trade and other payables (3,663) (4,536) (3,769)
Dividend payable - (347) -
Current tax liabilities (507) (733) (383)
Provisions 8 (484) (358) (358)
(4,835) (6,063) (4,687)
---------------------------------------------------------- ---------------- ---------------- ----------------
Non-current liabilities
Borrowings (379) (239) (471)
Total liabilities (5,214) (6,302) (5,158)
---------------------------------------------------------- ---------------- ---------------- ----------------
Net assets 21,386 20,452 20,976
---------------------------------------------------------- ---------------- ---------------- ----------------
Equity
Share capital 9 1,766 1,748 1,766
Share premium 101 12 101
Merger reserve 1,374 1,374 1,374
Other reserves 2,563 2,496 2,521
Retained earnings 15,582 14,822 15,214
---------------------------------------------------------- ---------------- ---------------- ----------------
Total equity - attributable to equity shareholders
of the company 21,386 20,452 20,976
---------------------------------------------------------- ---------------- ---------------- ----------------
Half-year Half-year Year
Ended Ended Ended
Consolidated statements of cash flows
for the half-year ended 31 August 2012 31 August 31 August 29 February
2012 2011 2012
(unaudited) (unaudited) (audited)
Notes GBP000 GBP000 GBP000
----------------------------------------------- ---------- ---------------- ---------------- ----------------
Operating activities
Cash flow from operations 10 891 891 1,804
Interest paid (14) (8) (17)
Tax paid (117) - (489)
----------------------------------------------- ---------- ---------------- ---------------- ----------------
Net cash inflow from operating activities 760 883 1,298
----------------------------------------------- ---------- ---------------- ---------------- ----------------
Investing activities
Payment of contingent consideration - - (361)
Purchase of intangible assets (185) - -
Purchase of property, plant and equipment (395) (280) (977)
Sale of property, plant and equipment - 20 20
Net cash used in investing activities (580) (260) (1,318)
----------------------------------------------- ---------- ---------------- ---------------- ----------------
Financing activities
Dividends paid 7 (350) - (347)
Repayment of borrowings (88) (68) (119)
New finance leases raised - - 371
----------------------------------------------- ---------- ---------------- ---------------- ----------------
Net cash used in financing activities (438) (68) (95)
----------------------------------------------- ---------- ---------------- ---------------- ----------------
Increase in cash and cash equivalents (258) 555 (115)
Cash and cash equivalents at beginning
of period 1,819 1,934 1,934
----------------------------------------------- ---------- ---------------- ---------------- ----------------
Cash and cash equivalents at end of
period 1,561 2,489 1,819
----------------------------------------------- ---------- ---------------- ---------------- ----------------
Notes to the financial information
for the half-year ended 31 August 2012
1. Basis of preparation
This consolidated half-yearly financial information, which is
condensed and unaudited for the half-year ended 31 August 2012, 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 29 February 2012. 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 2012 has been prepared in accordance with
IAS 34: Interim Financial Reporting, as adopted by the EU and under
the historical cost convention.
Intangible assets accounting policy
At the beginning of the period the following accounting policy
in respect of intangible assets became relevant as the group
commenced development of its own software platform:
Internally generated assets arising from the group's software
developments are recognised only if all the following conditions
are met:
-- an asset is created that can be identified;
-- it is probable that the asset created will generate future economic benefit; and
-- the development cost of the asset can be measured reliably
Once development has been completed internally generated
intangible assets are amortised on a straight-line basis over their
useful lives. No amortisation charge has been included in the
period to 31 August 2012 as development has not yet been
completed.
The information relating to the half-years ended 31 August 2012
and 31 August 2011 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 29 February 2012 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 29 February 2012 has been filed
with the Registrar of Companies.
The group's financial risk management objectives and policies
are consistent with those disclosed in the 2012 annual report and
accounts.
The half-yearly report was approved by the board of directors on
23 October 2012. The half-yearly report is available on Tangent's
website, www.tangentplc.com, and is being sent to shareholders.
Further copies are available at 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
Management has determined the operating segments based on
reports reviewed by the Board of Directors that are used to make
strategic decisions. The board reviews revenues and operating
profits by segment but assets at a consolidated level. On this
basis the group has two reportable segments, Digital and Online
(formerly Print), unallocated corporate expenses are shown below
under Central.
Digital - Comprises Tangent Snowball
Online - Comprises Ravensworth, printed.com and T/OD (Tangent on
Demand).
Central - Central costs relate to the cost of non-executive
directors, maintenance of Tangent's stock market listing, and
general professional advice together with the share-based payment
charge as set out in note 3. Executive directors' costs are
allocated to the Digital and Online segments.
2. Operating segments (continued)
Digital Online Central Total
GBP000 GBP000 GBP000 GBP000
------------------------------------- ------------ ------------ ------------- ------------
Half-year ended 31 August 2012
Revenue 5,891 7,238 - 13,129
Less inter segment sales (40) (997) - (1,037)
------------------------------------- ------------ ------------ ------------- ------------
Revenue from external customers 5,851 6,241 - 12,092
------------------------------------- ------------ ------------ ------------- ------------
Results
Underlying operating profit 665 506 (193) 978
Non-recurring expense - - - -
------------------------------------- ------------ ------------ ------------- ------------
Operating profit 665 506 (193) 978
Finance cost - (14) - (14)
------------------------------------- ------------ ------------ ------------- ------------
Profit before tax 665 492 (193) 964
Tax (241)
------------
Profit for the period 723
------------
Digital Online 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
Non-recurring 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
------------
Year ended 29 February 2012
Revenue 11,132 12,629 - 23,761
Less inter segment sales (237) (1,800) (2,037)
------------------------------------- ------------ ------------ ------------- ------------
Revenue from external customers 10,895 10,829 - 21,724
------------------------------------- ------------ ------------ ------------- ------------
Results
Underlying operating profit 1,018 822 (312) 1,528
Non-recurring expense (173) 116 - (57)
------------------------------------- ------------ ------------ ------------- ------------
Operating profit 845 938 (312) 1,471
Finance cost - (17) - (17)
------------------------------------- ------------ ------------ ------------- ------------
Profit before tax 845 921 (312) 1,454
Tax (414)
------------
Profit for the period 1,040
------------
3. Share options and share-based payment charge
The total share-based payment charge for the period was
GBP65,000 (half-year ended 31 August 2011: GBP15,000 and year ended
29 February 2012: GBP110,000).
3. Share options and share-based payment charge (continued)
The movements in share options and the corresponding weighted
average exercise prices ("WAEP") are summarised below:
Number WAEP
000 Pence
----------------------- ----------- ----------
At 1 March 2012 14,744 4.32
At 31 August 2012 14,744 4.32
----------------------- ----------- ----------
For the share options outstanding at 31 August 2012 exercise
prices ranged between 1p and 13.25p per share and the weighted
average remaining contractual life was 3.74 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 29 February
2012 2011 2012
GBP000 GBP000 GBP000
----------------------------------------- -------------- -------------- ----------------
Profit attributable to shareholders 723 655 1,040
----------------------------------------- -------------- -------------- ----------------
Number Number Number
000 000 000
---------------------------------------- ------------ ------------ ------------
Weighted average number of shares:
For basic earnings per share 175,017 173,264 175,017
Adjustment for options outstanding 4,857 4,924 3,926
Adjustment for contingent shares 2,368 1,753 1,753
---------------------------------------- ------------ ------------ ------------
For diluted earnings per share 182,242 179,941 180,696
---------------------------------------- ------------ ------------ ------------
Pence Pence Pence
per share per share per share
------------------------- -------------- -------------- --------------
Earnings per share:
Basic 0.41 0.38 0.59
Diluted 0.40 0.36 0.58
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. At 31 August
2012 Tangent had 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.
5. Other intangible assets
During the period the group spent GBP185,000 on internally
generated intangible assets, developing proprietary marketing and
e-commerce platforms. Investment will continue through the second
half of the year and we expect to release and have client adoption
by the end of the current financial year. We have invested in the
development of our e-commerce shop for printed.com during the
period and will continue to do so for in the remainder of this year
and in the periods to come.
6. Property, plant and equipment
During the period the group spent GBP341,000 on additions to
plant, equipment and computers to upgrade production facilities
with a further GBP54,000 on improvements to leasehold property.
7. Dividends
Amounts recognised as distributions to equity holders in the
period:
Half-year Half-year Year
ended ended Ended
31 August 31 August 29 February
2012 2011 2012
GBP000 GBP000 GBP000
--------------------------------------------- --------------- -------------- ----------------
Dividend for the year ended 28 February
2011 of 0.2p per share - 347 347
Dividend for the year ended 29 February
2012 of 0.2p per share 350 - -
--------------------------------------------- --------------- -------------- ----------------
The Tangent employee share ownership trust holds 1,428,340
shares and has waived its right to receive dividends.
The dividend for the year ended 29 February 2012 was approved by
shareholders at the annual general meeting on 26 June 2012 and paid
on 18 July 2012.
8. 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.
During the period an additional GBP126,000 was provided in respect
of the final payment of deferred consideration for this
acquisition.
9. Share Capital
Allotted and fully paid
Number of ordinary 1p shares
31 August 31 August 29 February
2012 2011 2012
000 000 000
Brought forward 176,445 174,692 174,692
Issued in the period - -- 1,753
-------------------------- -------------- -------------- ----------------
Carried forward 176,445 174,692 176,445
-------------------------- -------------- -------------- ----------------
Nominal value
31 August 31 August 29 February
2012 2011 2012
GBP000 GBP000 GBP000
Brought forward 1,766 1,748 1,748
Issued in the period - - 18
-------------------------- -------------- -------------- ----------------
Carried forward 1,766 1,748 1,766
-------------------------- -------------- -------------- ----------------
10. Cash flow from operations
Half-year Half-year Year
Ended ended Ended
31 August 31 August 29 February
2012 2011 2012
GBP000 GBP000 GBP000
-------------------------------------------------- -------------- -------------- ----------------
Profit before tax for the period 964 938 1,454
Depreciation and amortisation of non-current
assets 377 341 672
Loss/(profit) on sale of plant and equipment 1 (20) (20)
Net interest charge 14 8 17
Net foreign exchange (loss)/gain (5) 6 13
Share-based payment charge 5 15 40
-------------------------------------------------- -------------- -------------- ----------------
1,356 1,288 2,176
Movements in Working Capital
(Increase)/decrease in inventories (11) 25 6
(Increase)/decrease in trade and other
receivables (348) (508) 303
(Decrease)/increase in trade and other
payables (106) 86 (681)
Cash generated from operations 891 891 1,804
-------------------------------------------------- -------------- -------------- ----------------
11. Analysis of net funds
1 March Cash 31 August
2012 flows 2012
GBP000 GBP000 GBP000
---------------------- ------------ ----------- --------------
Cash at bank and
in hand 1,819 (258) 1,561
Finance Leases (648) 88 (560)
---------------------- ------------ ----------- --------------
Net funds 1,171 (170) 1,001
---------------------- ------------ ----------- --------------
12. Contingent Liabilities
In March 2009 Tangent entered an agreement to acquire rights to
certain intellectual property from VLM Holdings Limited used to
generate digital printing. Under the terms of that agreement all
rights would transfer to Tangent following payment of royalties
over a three year period from March 2009 to March 2012.
In November 2009 Tangent served notice terminating the agreement
following an irremediable breach. VLM Holdings Limited have since
disputed the termination and during the financial year instigated
proceedings for recovery of royalties (up to GBP800,000) and
recovery of costs (up to GBP150,000). Tangent's lawyers have
advised that they do not consider that the claim has merit and
recommended it be contested as such no provision has been made in
these financial statements as the directors do not consider that
there is any probable liability.
Independent review report by the auditors
for the half-year ended 31 August 2012
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 2012 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) 2410: 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 2012 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
23 October 2012
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 BKQDDPBDKDKB
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