Tangent Communications Plc. (TNG.L) reported that profit for the year ended 28 February 2013 declined to 620 thousand pounds from the previous year's 1.04 million pounds, with earnings per share decreasing to 0.29 pence from the prior year's 0.58 pence.
Profit before tax of 0.86 million pounds was 40.7% lower than 2012's 1.45 million pounds, as a result of significantly increased non-recurring expenses relating to the acquisition of goodprint, the subsequent closure of the goodprint facilities and the transfer of operations into existing Tangent infrastructure in Newcastle and London.
Underlying operating profit for the year, inclusive of 0.23 million pounds from the acquisition of goodprint, increased by 6% to 1.62 million pounds from the prior year's 1.53 million pounds.
Underlying earnings per share for the year were 0.56 pence, down from 0.60 pence last year.
Sales increased by 11.8% to 24.29 million pounds from last years' 21.72 million pounds, largely driven by strong growth from printed.com (up 99%) to 3.95 million pounds and acquired revenues from goodprint (1.20 million pounds.
The company stated that its Board is proposing a final dividend for the year to 28 February 2013 of 0.20 pence per share at the company's Annual General Meeting. If approved, the final dividend will be paid on 2 August 2013 to shareholders on the register on 19 July 2013 and the shares will become ex-dividend on 17 July 2013.
The company noted that it will be seeking shareholder approval at its Annual General Meeting on 9 July 2013 to renew its ability to buy back its shares, if the Board determines that the circumstances are appropriate. This authority was last granted in 2011 and will expire at the end of August 2013.
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