News blog

Tangent Communications

• BY: Andrew Hore |
• POSTED: 24/10/2012 |

Tangent Communications is raising £10m to finance the acquisition of Goodprint.

The digital printing and direct marketing company is paying £10.2m, which has £3.4m of cash in its balance sheet. Goodprint made an underlying operating profit of £1.17m, on revenues of £4.05m, in the year to September 2012.

Goodprint, which has 120,000 customers, will increase the international spread of the enlarged business, which will be involved in 17 countries. Goodprint also has mobile technology.

At 10.75p a share, Tangent is valued at £19m. The placing raising £10m is at 10p a share.

Tangent increased revenues from £11.1m to £12.1m in the six months to August 2012. Pre-tax profit edged ahead from £938,000 to £964,000. Net cash was £1m at the end of August 2012.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFOctober2012_37.pdf