Tangent backs Printed.com to drive growth

Green said that the first quarter had seen a "record performance in both customer numbers and revenues" at the online print buying portal, which was launched in November 2011.

He added: "The surge of retail customers is expected to establish new trends in revenues and advertising costs as the business evolves."

Nicholas Green, founder of Printed.com, confirmed that Tangent planned to invest heavily in the business, which will benefit from a £1m advertising push this year.

The move follows the recent appointment of former Carlton Communications chairman and major Tangent shareholder Michael Green as chairman.

Tim Green told the AGM that the appointment would "greatly assist the board in addressing the complex options ahead".

Nicholas Green added: "He sees exactly what we see [in Printed.com], which is an opportunity to create an unbelievably valuable business. He has a proven track record in business and we're very pleased to have him on board."

Revenues at Printed.com have doubled in the past 12 months to £2m and the firm is looking to maintain that growth rate in the current financial year.

Tangent recorded a near 40% increase in pre-tax profits to £1.5m in its most recent accounts for the year ending February 2012.