Well, well, well. Interesting moves at Tangent. Up until now the brothers Nick and Tim Green were billed as joint chief execs, with Nick being the front man while Tim was getting on with stuff in the background.
Things have changed. Along with the year-end results we learn that Tim has now been anointed as solo CEO, while Nick has a new brief heading up the group's new consumer division. Title not specified. Intriguing.
The group's share price hit a 52-week low of 3.25p at the beginning of the month (high is 7.2p), prior to results being announced that showed further decline in profitability as various things within the business didn't go quite according to plan.
Underlying operating profits fell 3.5% to £820k, set against a comparative figure of £848k. I am slightly confused because that operating profit figure was stated as £1.08m when the results to Feb 09 were announced last June, which would be a 24% slump. Pre-tax profits now at £282k were just over £2m two years ago.
The business certainly has a lot of potential, and I'll be watching to see if they can capture a sizeable chunk of additional work via wholesale wing the Digital Print Partnership, which has already put on sales of £500,000. But whichever way one looks at it Tim has a lot on his plate to turn things around. Definitely one to keep an eye one.
