Tangent Group announces half-year revenue hike of 12% with profit increase of 50% as print sales grow
Tangent Group has revealed a growth in revenue of 12 per cent during the first half of its financial year, to £13.51m, with the printing side of the business, including printed.com, recording a growth in sales to £13.51m alone.
As a result, the marketing services group has reported an underlying profit growth of 50 per cent to £1.47m, with retail sites printed.com , goodprint and smileprint revenue growing by 23 per cent to £4.47m during the six month period, although marketing agency Tangent Snowball saw a drop in revenue to £4.40m, while property marketing agency Ravensworth also recorded a slight fall in revenue to £3.48m, its digital printing division, Tangent on Demand, saw a 9 per cent rise in revenue to £1.16m to offset that.
Timothy Green, CEO of Tangent Group, commented: "I am delighted to announce that Tangent's first half performance exceeded expectations with a 50 per cent increase in underlying operating profit to £1.47m. We spent much of last year investing in our business; the benefits of this will be most noticeable in the second half. The second half of the year to February 2014 has begun well and like for like sales and profits are now ahead of the prior year."
During the first half of the year, Tangent Snowball picked up client contracts with Papa John’s for a franchise programme across a number of international markets, and signed a five-year extension to its contract with the Labour Party, to provide its system and service for its membership until 2019.
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