TIDMTNG
RNS Number : 6859G
Tangent Communications PLC
24 November 2015
Tangent Communications PLC ("Tangent" or the "Company")
Interim for the six month period ended 31 August 2015
Key highlights
-- Group revenues GBP13.37m (2014: GBP13.26m)
-- Underlying operating profit GBP0.33m (2014: GBP0.96m)
-- Operating profit GBP0.33m (2014: GBP0.73m)
-- Net cash at GBP1.50m (2014: GBP1.71m)
Consolidated
Tangent sales in the first half were GBP13.37m (2014: GBP13.26m)
up 1% versus the prior year. Overall, sales growth has been muted
as the areas of our business that continue to grow have been offset
by those that have declined. Our new revenues are being generated
in competitive but growing areas of the market. As a consequence,
operating margins are lower, with operating profit in the first
half of GBP0.33m (2014: GBP0.73m) down 55% versus the prior
year.
Net cash as at 31 August 2015 was GBP1.50m (2014: GBP1.71m).
Print segment
Print sales were up 1% to GBP9.84m (2014: GBP9.73m) with
operating profit down 95% to GBP0.05m (2014: GBP1.00m).
Sales through the printed.com website increased by 17%. The
integration of goodprint customers and products into printed.com
was completed and business cards are now the biggest selling
product in this division. There has also been an increase in sales
of products that are manufactured externally enabling us to compete
with new entrants to the market.
Previously, printed.com had taken the approach of manufacturing
all of its products in-house. However, we have begun to build
partnerships with third party printers allowing us to expand into
areas of the market in which we have previously not competed. As a
consequence, we have felt some pressure on operating margins which
we expect to impact performance in the second half of the year.
There is growth in online print purchasing but there is
similarly a growing number of online suppliers of print. Pricing is
becoming ever more visible and naturally as competition increases
pressure will follow.
Ravensworth services the residential property sector with its
4,000+ estate agency branch customer base. After a strong period
for residential property transactions in 2013 and early 2014, the
market has slowed markedly. These muted market conditions have
persisted through H1 and continue in to the second half of the
year. There has been a slower than expected take-up of data,
digital marketing and photo products which we aim to upsell into
our customer base alongside the print and design offer.
T/OD performance has been comparable to the prior year.
Advertising agencies continue to outsource their print production
projects, providing a niche market that T/OD is well located to
service.
Agency segment
Agency sales were flat year-on-year at GBP3.52m (2014: GBP3.52m)
with operating profit of GBP0.46m (2014: GBP0.03m loss).
We downsized Tangent Snowball in the second quarter in response
to the poor new business pipeline cited in our update of 23 June
2015. This pipeline has not yet improved. However sales to existing
clients have been better than anticipated, with over-performance in
some of our accounts and, as a result, the business remained on
budget in the first half of the year. The success of some of our
contracts represents an opportunity to build upon, although the
second half of the year remains more challenging.
Tangent Snowball provides a diverse range of services to its
clients including website design and build, data collection and
analysis, and content management to engage and measure the
performance of customers.
In addition to our digital services, Tangent Snowball houses our
Member Centre, a full service operation managing memberships and
subscriptions on behalf of our clients.
Non-recurring expenses
There have been no non-recurring expenses in the first half
(2014: GBP0.23m)
Net cash
Net cash at 31 August 2015 was GBP1.50m (2014: GBP1.71m). Our
debtor book is higher than normal after a spike in revenues during
July and a poor cash collection period. As at the end of October
debtor days have returned to normal. The Company expects to be cash
generative in the second half of the year.
Intangible assets
During the period the group spent GBP13,000 (2014: GBP271,000)
on software to support the Company's websites. It is our intention
to conduct a full review of our intangible assets at the year
end.
Outlook
Overall, the Company expects to end the year in line with its
current expectations as set out in the Company's AGM statement in
June.
Timothy Green
Chief Executive
For further information, please contact:
Tangent Communications PLC
Timothy Green - Chief Executive: 020 7462 6101
Jamie Beaumont - Chief Financial Officer: 020 7462 6101
Canaccord Genuity Limited - Nominated adviser and broker
Bruce Garrow / Emma Gabriel: 020 7523 8350
Consolidated statements of comprehensive
income
for the half-year ended 31 August
2015
Half-year Half-year Year
Ended ended ended
31 August 31 August 28 February
2015 2014 2015
(unaudited) (unaudited) (audited)
Continuing operations Notes GBP000 GBP000 GBP000
------------------------------------------ ------ ------------ ------------ ------------
Revenue 13,367 13,256 26,249
Cost of sales (5,808) (5,462) (10,822)
------------------------------------------ ------ ------------ ------------ ------------
Gross profit 7,559 7,794 15,427
Operating expenses (7,228) (6,826) (14,251)
Share-based payment charges - (10) -
Underlying operating profit 331 958 1,176
Non-recurring expense 2 - (226) (708)
------------------------------------------ ------ ------------ ------------ ------------
Operating profit 331 732 468
Finance costs (5) (5) (12)
------------------------------------------ ------ ------------ ------------ ------------
Profit before tax 326 727 456
Tax (45) (189) (122)
------------------------------------------ ------ ------------ ------------ ------------
Profit for the period from continuing
operations 281 538 334
------------------------------------------ ------ ------------ ------------ ------------
Discontinued operations
Loss for the period from discontinued
operations 11 - (122) (122)
------------------------------------------ ------ ------------ ------------ ------------
Profit for the period 281 416 212
Total comprehensive income for
the period 281 416 212
------------------------------------------ ------ ------------ ------------ ------------
Basic earnings per share (pence) 4
From continuing operations 0.10 0.19 0.12
From discontinued operations - (0.04) (0.04)
From profit for the year 0.10 0.15 0.08
Diluted earnings per share (pence) 4
From continuing operations 0.10 0.19 0.12
From discontinued operations - (0.04) (0.04)
From profit for the year 0.10 0.15 0.08
Consolidated statement
of changes in equity
for the half year
ended 31 August 2015
Share Share Own Other Retained Total
Note capital premium shares reserves earnings Equity
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
------------------------ ------ -------- -------- ------- --------- --------- --------
Half year ended 31
August 2015
At 1 March 2015 2,813 8,587 (379) 3,996 16,286 31,303
Comprehensive income
Profit for the period - - - - 281 281
Total comprehensive
income - - - - 281 281
-------------------------------- -------- -------- ------- --------- --------- --------
Transactions with
owners
Issue of shares 1 - - - - 1
-------------------------------- -------- -------- ------- --------- --------- --------
Total transactions
with owners 1 - - - - 1
At 31 August 2015 2,814 8,587 (379) 3,996 16,567 31,585
-------------------------------- -------- -------- ------- --------- --------- --------
Half year ended 31
August 2014
At 1 March 2014 2,805 8,587 - 4,025 16,698 32,115
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Comprehensive income
Profit for the period - - - - 416 416
-------------------------------- -------- -------- ------- --------- --------- --------
Total comprehensive
income - - - - 416 416
-------------------------------- -------- -------- ------- --------- --------- --------
Transactions with
owners
Equity dividend - - - - (663) (663)
Credit to equity
for equity-settled
Share based payments - - - 20 - 20
Own shares acquired
in the period - - (379) - - (379)
Issue of shares 8 - - - - 8
-------------------------------- -------- -------- ------- --------- --------- --------
Total transactions
with owners 8 - (379) 20 (663) (1,014)
-------------------------------- -------- -------- ------- --------- --------- --------
At 31 August 2014 2,813 8,587 (379) 4,045 16,451 31,517
-------------------------------- -------- -------- ------- --------- --------- --------
Year ended 28 February
2015
At 1 March 2014 2,805 8,587 - 4,025 16,698 32,115
Comprehensive income
Profit for the year - - - - 212 212
Total comprehensive
income - - - - 212 212
-------------------------------- -------- -------- ------- --------- --------- --------
Transactions with
owners
Equity dividend - - - - (663) (663)
Credit to equity
for equity-settled
Share based payments - - - 10 - 10
Transfer on exercise
of options - - - (39) 39 -
Own shares acquired
in the period - - (379) - - (379)
Issue of shares 8 - - - - 8
Total transactions
with owners 8 - (379) (29) (624) (1,024)
-------------------------------- -------- -------- ------- --------- --------- --------
At 28 February 2015 2,813 8,587 (379) 3,996 16,286 31,303
-------------------------------- -------- -------- ------- --------- --------- --------
Consolidated balance sheet
at 31 August 2015
31 August 31 August 28 February
2015 2014 2015
(unaudited) (unaudited) (audited)
Notes GBP000 GBP000 GBP000
--------------------------------------- ------------ ------------ ------------
Assets
Non-current assets
Intangible assets - goodwill 24,801 24,801 24,801
Other intangible assets 5 1,304 1,268 1,487
Property, plant and equipment 6 1,914 1,938 2,121
Deferred tax asset 141 230 141
--------------------------------------- ------------ ------------ ------------
28,160 28,237 28,550
--------------------------------------- ------------ ------------ ------------
Current assets
Inventories 459 439 414
Trade and other receivables 5,411 5,376 4,492
Cash and cash equivalents 1,715 1,902 1,875
--------------------------------------- ------------ ------------ ------------
7,585 7,717 6,781
--------------------------------------- ------------ ------------ ------------
Total assets 35,745 35,954 35,331
--------------------------------------- ------------ ------------ ------------
Liabilities
Current liabilities
Borrowings (95) (147) (143)
Trade and other payables (3,665) (3,544) (3,505)
Current tax liabilities (188) (584) (143)
Provisions for liabilities (36) (34) (33)
(3,984) (4,309) (3,824)
--------------------------------------- ------------ ------------ ------------
Non-current liabilities
Borrowings (121) (42) (148)
Provisions for liabilities (55) (86) (56)
Total liabilities (4,160) (4,437) (4,028)
--------------------------------------- ------------ ------------ ------------
Net assets 31,585 31,517 31,303
--------------------------------------- ------------ ------------ ------------
Equity
Share capital 7 2,814 2,813 2,813
Share premium 8,587 8,587 8,587
Own shares 8 (379) (379) (379)
Other reserves 3,996 4,045 3,996
Retained earnings 16,567 16,451 16,286
--------------------------------------- ------------ ------------ ------------
Total equity - attributable to
equity shareholders of the company 31,585 31,517 31,303
--------------------------------------- ------------ ------------ ------------
Consolidated statements of
cash flows
for the half-year ended 31
August 2015
Half-year Half-year Year
Ended ended ended
31 August 31 August 28 February
2015 2014 2015
(unaudited) (unaudited) (audited)
Notes GBP000 GBP000 GBP000
--------------------------------- ------ ------------ ------------ ------------
Operating activities
Cash flow from operations 9 79 791 1,861
Interest paid (5) (5) (12)
Tax paid - (242) (527)
--------------------------------- ------ ------------ ------------ ------------
Net cash inflow from operating
activities 74 544 1,322
--------------------------------- ------ ------------ ------------ ------------
Investing activities
Development of software (13) (271) (644)
Purchase of property, plant
and equipment (147) (313) (847)
Disposal of subsidiary 11 - (22) (22)
Net cash used in investing
activities (160) (606) (1,513)
--------------------------------- ------ ------------ ------------ ------------
Financing activities
Dividends paid - (663) (663)
Purchase of own shares - (379) (379)
Repayment of borrowings (75) (96) (210)
New finance leases raised - - 216
Proceeds on issue of shares 1 8 8
Net cash outflow from financing
activities (74) (1,130) (1,028)
--------------------------------- ------ ------------ ------------ ------------
(Decrease) in cash and cash
equivalents (160) (1,192) (1,219)
Cash and cash equivalents
at beginning of period 10 1,875 3,094 3,094
Cash and cash equivalents
at end of period 1,715 1,902 1,875
--------------------------------- ------ ------------ ------------ ------------
Notes to the financial information
for the half-year ended 31 August 2015
1. Basis of preparation
This consolidated half-yearly financial information, which is
condensed and unaudited for the half-year ended 31 August 2015, 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 2015. 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 2015 has been prepared in accordance with
IAS 34: Interim Financial Reporting, as adopted by the EU and under
the historical cost convention.
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The information relating to the half-years ended 31 August 2015
and 31 August 2014 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 2015 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 2015 has been filed
with the Registrar of Companies.
The group's financial risk management objectives and policies
are consistent with those disclosed in the 2015 annual report and
accounts.
The half-yearly report was approved by the board of directors on
23 November 2015. 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,
Threeways House, 40-44 Clipstone Street, London, W1W 5DW.
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. Non-recurring Expenses
In the prior year reduced budgets at two key clients and the
divestment of our Australian business impacted revenues at Tangent
Snowball. As a result staff levels were reduced, the total cost of
which amounted to GBP226,000 in the prior half-year period and were
included in non-recurring expenses. No non-recurring expenses have
been incurred in the current year.
3. 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, Agency and Print.
Unallocated corporate expenses are shown below under PLC.
Agency - Comprises Tangent Snowball.
Print - Comprises Ravensworth, printed.com, goodprint and T/OD
(Tangent on Demand).
PLC - PLC 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 4. Executive directors' costs are allocated to the
Agency and Print segments.
Agency Print PLC Total
GBP000 GBP000 GBP000 GBP000
--------------------------------- -------- -------- -------- --------
Half-year ended 31 August 2015
Revenue 3,564 10,078 - 13,642
Less inter segment sales (41) (234) - (275)
--------------------------------- -------- -------- -------- --------
Revenue from external customers 3,523 9,844 - 13,367
--------------------------------- -------- -------- -------- --------
Results
Operating profit 457 47 (173) 331
Finance cost - (5) - (5)
--------------------------------- -------- -------- -------- --------
Profit before tax 457 42 (173) 326
Tax (45)
Profit for the period after tax
and discontinued operations 281
--------
3. Operating segments (continued)
Agency Print PLC Total
GBP000 GBP000 GBP000 GBP000
Half-year ended 31 August 2014
Revenue 3,547 10,036 - 13,583
Less inter segment sales (25) (302) - (327)
--------------------------------------- -------- -------- -------- --------
Revenue from external customers 3,522 9,734 - 13,256
--------------------------------------- -------- -------- -------- --------
Results
Underlying operating profit 194 998 (234) 958
Non Recurring Expense (226) -- - (226)
Operating profit (32) 998 (234) 732
Finance cost - (5) - (5)
--------------------------------------- -------- -------- -------- --------
Profit before tax from continuing
operations (32) 993 (234) 727
Tax (189)
Loss for the period from discontinued
operations (122)
--------
Profit for the period after tax
and discontinued operations 416
--------
Year ended 28 February 2015
Revenue 7,295 19,609 - 26,904
Less inter segment sales (36) (619) - (655)
--------------------------------------- -------- -------- -------- --------
Revenue from external customers 7,259 18,990 - 26,249
--------------------------------------- -------- -------- -------- --------
Results
Underlying operating profit 669 917 (410) 1,176
Non-recurring expense (263) (445) - (708)
--------------------------------------- -------- -------- -------- --------
Operating profit 406 472 (410) 468
Finance cost - (12) - (12)
--------------------------------------- -------- -------- -------- --------
Profit before 406 460 (410) 456
Tax (122)
Loss for the period from discontinued
operations (122)
--------
Profit for the period after tax
and discontinued operations 212
--------
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
2015 2014 2015
GBP000 GBP000 GBP000
Profit from continuing operations
attributable to shareholders 281 538 334
Loss from discontinued operations
attributable to shareholders - (122) (122)
------------------------------------- ---------- ---------- ------------
Profit attributable to shareholders 281 416 212
------------------------------------- ---------- ---------- ------------
Number Number Number
000 000 000
------------------------------------ -------- -------- --------
Weighted average number of shares:
For basic earnings per share 276,469 280,027 277,062
Adjustment for options outstanding 4,910 8,970 8,176
For diluted earnings per share 281,379 288,997 285,238
------------------------------------ -------- -------- --------
4. Earnings per share (continued)
Pence Pence Pence
per share per share per share
------------------- ---------- ---------- ----------
Earnings per
share:
Basic (pence)
From continuing
operations 0.10 0.19 0.12
From discontinued
operations - (0.04) (0.04)
From profit
for the year 0.10 0.15 0.08
Diluted
From continuing
operations 0.10 0.19 0.12
From discontinued
operations - (0.04) (0.04)
From profit
for the year 0.10 0.15 0.08
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.
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 GBP13,000 (2014: GBP271,000)
on software to support the growth in on line revenues by expanding
the number of products available on the company's websites. During
the period amortisation charges of GBP196,000 were recognised in
respect of these assets.
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It is our intention to conduct a full review of our intangible
assets at the year end.
6. Property, plant and equipment
During the period the group spent GBP68,000 on additions to
plant, equipment and computers to upgrade production facilities
with a further GBP27,000 on improvements to leasehold property and
fixtures & fittings of GBP52,000.
7. Share capital
Allotted and fully paid
Number of ordinary
1p shares
31 August 31 August 28 February
2015 2014 2015
000 000 000
Brought forward 281,267 280,313 280,313
Issued in the period 100 848 954
---------------------- ---------- ---------- ------------
Carried forward 281,367 281,161 281,267
---------------------- ---------- ---------- ------------
Nominal value
31 August 31 August 28 February
2015 2014 2015
GBP000 GBP000 GBP000
Brought forward 2,813 2,805 2,805
Issued in the period 1 8 8
---------------------- ---------- ---------- ------------
Carried forward 2,814 2,813 2,813
---------------------- ---------- ---------- ------------
8. Own Shares
31 August 31 August 28 February
2015 2014 2015
GBP000 GBP000 GBP000
Brought forward 379 - -
Acquired in the period - 379 379
------------------------ ---------- ---------- ------------
Carried forward 379 379 379
------------------------ ---------- ---------- ------------
The own shares reserve represents the cost of shares in Tangent
Communications PLC purchased in the market and held by the Company.
The number of shares held at 31 August 2015 was 3,945,000 (31
August 2014 and 28 February 2015 3,945,000).
9. Cash flow from operations
Half-year Half-year Year
Ended ended Ended
31 August 31 August 28 February
2015 2014 2015
GBP000 GBP000 GBP000
------------------------------------ ---------- ---------- ------------
Profit for the period 281 416 212
Income tax expense 45 189 122
Depreciation and amortisation
of non-current assets 550 461 966
Loss on disposal of discontinued
activities - 57 57
Net interest charge 5 5 12
Share-based payment charge - 20 10
------------------------------------ ---------- ---------- ------------
881 1,148 1,379
Movements in working capital
Increase in inventories (45) (203) (178)
(Increase) / decrease in trade
and other receivables (919) (136) 748
Increase / (decrease) in trade
and other payables and provisions 162 (18) (88)
Cash generated from operations 79 791 1,861
------------------------------------ ---------- ---------- ------------
10. Analysis of net funds
1 March Cash 31 August
2015 flows 2015
GBP000 GBP000 GBP000
---------------- -------- ------- ----------
Cash at bank
and in hand 1,875 (160) 1,715
Finance leases (291) 75 (216)
---------------- -------- ------- ----------
Net cash 1,584 (85) 1,499
---------------- -------- ------- ----------
11. Disposal of subsidiary
On 12 March 2014 Tangent completed the disposal of 81% of the
issued share capital in Tangent Snowball PTY Limited. It is the
group's intention to retain the remaining 19% the cost of which has
been reclassified under investments and amounts to less than
GBP1,000. The results of Tangent Snowball PTY Limited have not been
included in the consolidated statement of comprehensive income for
the period to 31 August 2014 or the year to 28 February 2015. The
net assets of the subsidiary as at 1 March 2014, the date from
which control changed were as follows:-
GBP000
Property, plant and equipment 5
Trade receivables 71
Bank and cash balances 22
Trade payables (41)
--------------------------------- -------
57
Loss on disposal (57)
--------------------------------- -------
Total consideration -
--------------------------------- -------
Cash and cash equivalents disposed
of (22)
-------------------------------------- -----
The loss from discontinued operations was composed as
follows:-
Half-year Half-year Year
ended ended ended
31 August 31 August 28 February
2015 2014 2015
GBP000 GBP000 GBP000
Loss on disposal of subsidiary - (57) (57)
Fees and expenses attributable
to disposal - (65) (65)
Loss attributable to discontinued
operations - (122) (122)
----------------------------------- ----------- ---------- ------------
12. Related party transactions
Balances and transactions between the company and its
subsidiaries, which are related parties, have been eliminated on
consolidation and are not disclosed in this note.
Compensation of key management personnel
Key management personnel of the group are defined as those
persons having authority and responsibility for the planning,
directing and controlling the activities of the group, directly or
indirectly. Key management of the group are therefore considered to
be the directors of Tangent Communications PLC.
Trading Transactions
During the period the group paid GBP7,500 in rent to a company
controlled by Michael Green, there was no outstanding balance at
the balance sheet date.
During the period the group sold goods and services to Nails
Inc. Limited, all transactions were considered to be on an
arms-length basis. Nails Inc. Limited is deemed to be a related
party by virtue of Michael Green's common interest in both
entities.
The value of the transactions and balance outstanding at the
period is detailed below.
Amounts owed by Sale of good and
related party services
Half-year Half-year Year Half-year Half-year Year
ended ended ended ended ended ended
31 August 31 August 28 February 31 August 31 August 28 February
2015 2014 2015 2015 2014 2015
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
------------------- ---------- ---------- ------------ ---------- ---------- ------------
Nails Inc Limited 165 91 222 109 172 496
------------------- ---------- ---------- ------------ ---------- ---------- ------------
Independent review report by the auditors
for the half-year ended 31 August 2015
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 2015 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
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