Tangent Communications PLC AGM Statement (8848Q)
June 23 2015 - 2:00AM
UK Regulatory
TIDMTNG
RNS Number : 8848Q
Tangent Communications PLC
23 June 2015
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
GBP2m.
Agency:
Tangent Snowball has not developed a pipeline of new business
and consequently management expects profits within Tangent Snowball
to be GBP0.5m 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 plc
Timothy Green - Chief Executive: 020 7462 6100
Jamie Beaumont- Chief Financial Officer: 020 7462 6100
Canaccord Genuity Limited - Nominated adviser and broker
Bruce Garrow / Emma Gabriel: 020 7523 8350
This information is provided by RNS
The company news service from the London Stock Exchange
END
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