Altitude Group PLC Update on Supplier Agreements & Notice of Results (4939Z)
03 September 2018 - 4:00PM
UK Regulatory
TIDMALT
RNS Number : 4939Z
Altitude Group PLC
03 September 2018
Altitude Group plc
("Altitude", the "Group" or the "Company")
Update re ChannlPro Supplier Agreements
and
Notification of Interim Results
Altitude Group plc (AIM: ALT), the operator of a leading
marketplace for personalised products, announces that it will
publish its interim results for the six month period to 30 June
2018 ("Interim Results") on 25 September 2018. Further to the
update in relationship to supplier agreements set out below, the
Company will provide a full and detailed update on the positive
progress being made in relation to both of the Group's white label
ChannlPro platforms (AIMPro and Think Promo Now) at the time of the
interim results.
ChannlPro Supplier Agreements
Following two recent significant new supplier agreements being
entered into in August Altitude is pleased to confirm that
agreements are now in place with a total of 65 suppliers including
with 14 out of the 19 AIM preferred suppliers who are identified as
being in the top 30 US Promotional Product suppliers*. All
suppliers signed up have agreed to pay transaction fees on all
orders derived from the platform.
The recent suppliers agreements are with two of the largest
promotional product suppliers in the US with estimated aggregate
annual revenues of c.$1 billion. The addition of promotional
product suppliers of this magnitude will help to ensure that the
ChannlPro platforms have critical mass with regards to product
offerings and will enhance the credibility of the platforms.
The Group is in the process of fully integrating these important
suppliers and their product data onto the platform and AIM members
will be able to commence purchasing from these suppliers
immediately. These AIM preferred suppliers already have a strong
ordering base with the AIM buying group and will further increase
the attractiveness of the AIMPro platform to the AIM membership and
as well as future white label ChannlPro platforms.
*Source: Promo Marketing of US, Top 50 Supplier Ranking - July 2018
For further information please contact:
Altitude Group plc
Nichole Stella, Chief Executive
Officer +1 (215) 534 1350
Graeme Couturier, Chief Financial
Officer 07973 683234
Peter Hallett, Non-Executive Chairman 07887 987469
finnCap Ltd 020 7220 0500
Jonny Franklin-Adams (Corporate Finance)
Scott Mathieson (Corporate Finance)
Richard Chambers (ECM)
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
About Altitude
The market for promotional products in the US is estimated to be
worth approximately $23 billion per annum. Approximately 90% of
transactions are carried out offline. Altitude has developed a
scalable platform that enables both offline and online promotional
product transactions to be executed, allowing Altitude to generate
revenue through charging transaction fees on purchase orders
processed on the platform.
This has been achieved by combining the Company's e-commerce
trading platform, called Channl, with their existing cloud based
CRM and order management system. This combined offering, now
branded as ChannlPro, can be white labelled to any specific
solution. The Group is now pursuing a number of such opportunities
predominantly in the US, but also in the UK, which provides a
similarly structured though much smaller (c GBP1 billion)
market.
The ChannlPro offering brings a number of advantages to
suppliers, distributors and end-users of promotional products and
incorporates the Group's patented ArtWorktool design application
which provides valuable proofing and process efficiency. Altitude's
ultimate success depends on its ability to "on-board" large numbers
of distributors and a sufficient number of suppliers onto the
platform in order to generate an increasing pipeline of
transactions on which Altitude will earn transaction fees from
suppliers.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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