Altitude Group PLC Trading Update (7536D)
01 July 2021 - 4:00PM
UK Regulatory
TIDMALT
RNS Number : 7536D
Altitude Group PLC
01 July 2021
Altitude Group plc
("Altitude", "Group" or the "Company")
Trading Update
Altitude Group Plc (AIM: ALT), the operator of a leading
marketplace for the global promotional products industry, is
pleased to provide the following trading update for the first
quarter of the current financial year (April, May and June 2021) ("
Q1 2021 ") .
The Board is pleased to report that the Group continues to trade
positively, and current business performance is in line with the
Board's expectations. Despite industry headwinds in Q4 of the
financial year ended 31 March 2021, trading remained robust and
full year revenue is expected to be not less than GBP7.4 million,
with gross profit expected to be not less than GBP5.2 million.
The progressive recovery since the initial impact of the global
pandemic has continued into Q1 2021 with increasing purchase orders
through the AIM platform resulting in our June 2021 order value
exceeding both 2019 and 2020 levels. In line with this, the Group
has maintained a robust cash balance, with an expected closing
balance on 30 June 2021 of GBP1.4 million.
AIM Capital Solutions ("ACS") systemwide sales and revenue has
grown c.125% through Q1 2021. ACS affiliate members are required to
process all orders through the AIM platform to participate in the
program.
AIM Smarter ("AIM") membership is stable with 2,071 standard
members. Throughout the global pandemic period, membership numbers
have remained solid reflecting community loyalty and reliance on
AIM services.
Revenue from preferred partners on annual revenue agreements for
calendar year 2020 are fully settled and in line with management
expectations. Additionally, the Group has added 8 new preferred
partners during 2021, while maintaining 100% membership of the VIP
Preferred Partners. We supported our partners during coronavirus
through innovative marketing campaigns and collaborative PPE
programs strengthening those key relationships.
The Board continues to be pleased with the resilient trading and
liquidity performance of the Group. We remain confident in the
strength of the business, are focused on execution, and are well
positioned to benefit from continued market recovery. The Group
expects to report a profitable adjusted EBITDA for the financial
year ended 31 March 2021 in line with Board expectations. We look
forward to announcing full year results in September 2021.
For enquiries, please contact:
Altitude Group plc Via Zeus Capital
Nichole Stella, Chief Executive Officer
Graeme Couturier, Chief Financial Officer
Keith Edelman, Non-Executive Chairman
Zeus Capital Limited (Nominated Adviser & Broker) Tel: 0203 829
Dan Bate / David Foreman / James Edis (Corporate 5000
Finance)
Dominic King (Corporate Broking)
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END
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