Altitude Group PLC Pre-Close Trading Update (7527U)
April 08 2021 - 1:00AM
UK Regulatory
TIDMALT
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
GBP1.4m and the Group maintains a strong cash balance at 31st of
March 2021 of GBP2.1 million versus the last reported position on
the 22nd January 2021 of GBP1.3 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 Via finnCap - 020 7220 0500
Nichole Stella, Chief Executive Officer
Graeme Couturier, Chief Financial Officer
Keith Edelman, Non-Executive Chairman
finnCap ltd
Jonny Franklin-Adams (Corporate Finance)
Charlie Beeson (Corporate Finance)
Richard Chambers (ECM) 020 7220 0500
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END
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