Pre-Close Trading Update

RNS Number : 7527U

Altitude Group PLC

08 April 2021

 

Altitude Group plc

("Altitude", "Group" or the "Company")

Pre-Close Trading Update

Altitude Group Plc (AIM: ALT), the operator of a leading marketplace for the global promotional products industry, is pleased to provide an update on trading for the financial year ended 31 March 2021.

Against a backdrop of difficult trading conditions, the Group has continued to trade positively throughout the period. As a result of continued revenue growth and cost control, performance is anticipated to be in line with the Board's expectations. Revenue for the quarter to 31 December 2020 was ahead of the Board's expectations which resulted in gross profit for the quarter of £1.4m and the Group maintains a strong cash balance at 31st of March 2021 of £2.1 million versus the last reported position on the 22nd January 2021 of £1.3 million.

The Board is pleased with the resilient trading and liquidity performance of the Group during the period and is confident of a progressive market recovery as lockdown restrictions are lifted across the United States and United Kingdom.

Nichole Stella, Group CEO of Altitude, said:

" I am extremely proud of the resilience and agility shown by the Group throughout the pandemic and subsequent government lockdowns. Our trading performance is the result of determination and continued execution against our strategy. Throughout the period we maintained a steadfast commitment to our members, affiliates, preferred partners and our staff.

During 2020/21 we continued to progress our key objectives; acceleration of our digital strategies, strengthening of our core AIM membership through recruitment of high-quality promotional product distributor members and continued growth of the newly launched AIM Capital Solutions program, which requires full system order processing via the Group's innovative technology and provides administrative support and supply chain finance services to participating members. Additionally, we successfully maintained 100% participation in our Preferred Partner Program throughout the pandemic.

As we enter a new financial year, barring additional lockdowns, we are confident in the strength of our pipeline, focused on execution and are well positioned to benefit from continued market recovery. We look forward to announcing our full year results in due course."

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.

Enquiries:

Altitude Group plc Nichole Stella, Chief Executive Officer Graeme Couturier, Chief Financial Officer Keith Edelman, Non-Executive Chairman	Via finnCap -  020 7220 0500
finnCap ltd Jonny Franklin-Adams (Corporate Finance) Charlie Beeson (Corporate Finance) Richard Chambers (ECM)	020 7220 0500

 

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