Trading Update

RNS Number : 9613O

Altitude Group PLC

07 July 2010

 



Altitude Group plc

("the Company" or "the Group")

Trading Update

The board of directors of Altitude Group plc (the "Board"), the promotional merchandise and marketing solutions group announces the following trading update in respect of the half-year ended 30 June 2010.

Highlights

·         Promotional Marketing revenue ahead by 13%

·         Strong revenue growth in 2^nd quarter 2010 v 2009

·         Improved cash position: £156,000 (30 June 2009: net debt £261,000)

·         No long term debt

Trading Update

Sales in the first half of the year in our promotional marketing business improved by around 13% over the same period in 2009, and were markedly improved in the 2nd quarter of 2010 versus the 1st quarter. Recent order intake levels are similarly ahead. Margins are slightly lower due to the competitive environment but our lower cost base, which continues to be closely managed at the new levels, helps balance the overall performance.

In our information and exhibitions business, for which orders are received up to a year in advance, invoiced sales for 2010 are similar to 2009 but also at a lower cost base.  Bookings and potential yield for the 2011 events and products are ahead of the same period last year and will show a return to revenue growth in 2011.

Overall we are seeing increased customer activity and the return to the market of recently inactive clients, whilst we remain cautious, we do currently have a number of new opportunities to deliver further performance improvements.

Colin Cooke, Chairman of the Company said

"I am pleased to see these much improved results and a return to sales growth alongside an improved cash position versus last year. We enter the 2^nd half with a continued focus on our cost and cash management while exploring new customer opportunities."

Enquiries:

Altitude Group plc

Colin Cooke, Chairman                                      Tel: [phone]

Martin Varley, CEO                                          Tel: [phone]

Daniel Stewart & Company plc

Simon Leathers / Oliver Rigby                            Tel: [phone]

 

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