Tangent looking for acquisitions, pays first divi
Direct marketing firm Tangent Communications said it would look for other possible acquisition after failing in its bid to takeover rival TMN Group as it proposed its first ever dividends for the year.
Tangent said it did not incur any material costs from its attempted takeover of TMN but added that it will continue to look for appropriate acquisition opportunities. Tangent said in April that it is in talks with other parties after it decided not to proceed with its 50p per share offer for TMN.
"We expect to see consolidation opportunities arise during the year and we are well placed to take advantage," it said today.
Maiden dividend of 0.2p per share has been proposed as the group saw profits for the year surge to £2m from £690,000 last year. Revenue increased 100% to £17.36m.
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"We have made significant progress towards our key objectives and doubled the size of the company. This confidence is reflected in the board's announcement of its proposal for the first ever dividend payment to shareholders," said the group.
The group said the improvement in profitability is an indicator of the success of its strategy to increase the percentage of its earnings coming from technology sales.
The acquisition of Ravensworth in March 2007 also helped, creating new revenue streams.
