Tangent Communications, the web-based direct marketing operation, is off to a strong start in the current financial year.

A statement at the company’s annual general meeting, where 32.8% shareholder and former ITV boss Michael Green was in attendance, brought nothing but good news. Digital marketing group Ravensworth, a recent acquisition, is producing returns above budget and boasts 28% more customers than a year ago. And Tangent’s original business, whose web design arm recently won the contract to redesign the Labour Party site, is also generating strong growth. Marketing services has delivered a 70% increase above the same period last year in ordered volume and Tangent Labs has signed an agreement with German software giant SAP.

‘Each of our five key performance indicators (turnover, operating profit, operating margin, operating cash and earnings per share) are running ahead of our expectations,’ said chairman Piers Caldicote, ‘and the board is confident about performance for the remainder of the year.’

Up 15% from the 13.25p at which Growth Company Investor tipped the shares in March to 15.25p now, Tangent continues to look good value. Hold.