Tangent’s share price descended to a new low of 2.87p at the end of last week, and was at 2.88p at the time of writing. The 52-week high, exactly one year ago, was 10.87p.
In its AGM statement the PLC said that although trading in the first quarter was in line with expectations, it was lowering its outlook for the full year as profits at Tangent Snowball were likely to be £500,000 below the anticipated figure because it had failed to develop a suitable pipeline of new business.
Snowball chief executive Steve Grout has been dismissed, with group chief executive Tim Green taking over the reins at the operation. The group stated: “In addition Tangent Snowball will be seeking to hire new senior sales focused personnel able to deliver new clients for the business.”
Tangent acquired Snowball in autumn 2009 in a £3.2m deal. At the time the firm had made a pre-tax profit of £878,000 on sales of £2.27m.
In the group’s most recent financial year, to the end of February, Snowball’s sales fell 18.5% to £6.7m.
The £26.3m-turnover group said its print operations: Printed.com, Ravensworth, Goodprint and T/OD were “in line with budget and forecast to continue in line with expectations”.
It has completed the integration of the Goodprint range into Printed.com.
Tangent also affirmed that net cash at the year-end is expected to be in excess of £2m.
