REG - Altitude Group PLC - Interim Results
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RNS Number : 1842J Altitude Group PLC 27 November 2025
27 November 2025
Altitude Group plc
("Altitude", the "Company" or the "Group")
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
Altitude Group Plc (AIM: ALT), the leading end-to-end solutions provider for
branded merchandise, today announces its unaudited interim results for the six
months to 30 September 2025 ("HY26").
Strategic Highlights
· Leadership changes strengthened capability across the Group,
providing clearer focus on margin improvement and disciplined execution.
· Targeted restructuring tightened commercial focus and
strengthened operational alignment within AIM, enhancing the Group's ability
to deliver increased value across the ecosystem.
· A structured review of ACS was completed to sharpen commercial
discipline and identify opportunities to enhance margin delivery and improve
alignment between affiliate activity and the AIM platform.
· A portfolio-wide review of UGS highlighted a set of actions to
improve efficiency and strengthen future margin performance, informing the
next phase of operational changes designed to support a more scalable model.
· Decentralised operating model introduced in HY26 has enhanced
speed of decision-making and operational discipline, supporting scalable
growth into FY27.
Financial Highlights
Six months ended 30 September H1 2026 H1 2025(1) % Change
Income statement
Total Revenue $21.6m $18.3m 18%
- Services $5.3m $5.4m (1%)
- Merchanting $16.3m $13.0m 25%
Gross Profit $7.7m $6.7m 16%
- Services $4.6m $4.8m (3%)
- Merchanting $3.1m $1.9m 61%
Adjusted Operating Profit(2) $1.6m $1.5m 8%
Cash and Balance Sheet
Cash and cash equivalents $0.7m $0.4m 61%
Net debt $2.3m $0.8m 188%
Net assets $15.1m $14.0m 8%
· Revenue grew year-on-year, driven primarily by strong merchanting
performance from newly onboarded Gear Shop sites and continued expansion
across the ACS affiliate network.
· Gross Profit and Adjusted Operating Profit increased, supported
by higher merchanting volumes. Overall margins moderated, as expected, due to
the greater weighting of lower-margin merchanting revenues and the early-stage
contribution profile of new Gear Shop sites.
· The uplift in net debt reflects the working capital investment
required to bring new Gear Shop sites into operation, including the increase
in total inventory held across the expanded store base.
Operational Highlights
Services - AIM Platform
· AIM distributor subscribers and members, whose aggregated
revenues are c.$2.3 billion, remained stable at c.2,500, maintaining a strong,
high-margin marketplace for the Group's platform-services led strategy.
· Early delivery of the Group's AI-first services roadmap
introducing enhanced forecasting, pricing insight and workflow automation,
supporting greater efficiency for both members and supplier partners.
· Development of the next phase of AIM platform services capability
is well advanced, focused on customer-experience enhancements, deeper data
insight and strengthened supplier connectivity. These initiatives form the
basis of a refreshed platform experience that will begin rolling out in stages
across the first half of 2026.
Merchanting - ACS and UGS
· ACS delivered continued year-on-year growth, with annualised
run-rate revenues increasing to $23.7m (HY25: $21.4m), supported by higher
transaction volumes and ongoing affiliate recruitment.
· UGS expanded with seven new Gear Shop sites successfully
onboarded during the period, expanding the portfolio to 29 programmes across
47 campus locations.
Commenting on the results, Alexander Brennan, Executive Chairman said:
"HY26 has been an important period of strategic realignment for the Group.
We have established clearer priorities, sharpened our operational focus, and
begun to execute the actions required to improve margin quality and strengthen
the foundations of the business. While these changes did not materially affect
first-half performance, they set the conditions for stronger earnings and cash
generation over the medium term. As we move into the second half, our focus
remains firmly on accelerating progress in the core AIM business, improving
scalability, and positioning the Group for sustainable growth into FY27 and
beyond."
For enquiries, please contact:
Altitude Group plc Via Zeus
Alexander Brennan, Executive Chairman
Deborah Wilkinson, Chief Operating Officer
Drew Whibley, Chief Financial Officer
Zeus (Nominated Adviser & Broker) Tel: 0203 829 5000
Dan Bate / James Edis (Investment Banking)
Dominic King (Corporate Broking)
Throughout this announcement:
(1) Comparatives have been restated in USD following the Group's change in
presentation currency implemented in H2 FY25.
(2) Adjusted Operating Profit and Operating Profit Margin exclude share-based
payment charges and exceptional charges.
Executive Chairman's Report
Overview
HY26 represented a period of solid revenue growth and organisational
realignment for the Group. Under the newly refreshed leadership team, the
Group is sharpening its strategic direction to focus on profitable growth,
disciplined execution, and enhanced operational delivery. Immediate priorities
include optimising performance across all divisions and reinforcing the
strength of the AIM Platform, which remains central to the Group's growth
strategy and future margin potential.
To support these objectives, the Group completed a comprehensive review of the
ACS and UGS portfolios, following rapid expansion in recent years. In
parallel, strategic focus has been sharpened around AIM as the core driver of
future, platform-led, growth. Together, these actions clarify operating
criteria, enhance commercial discipline and establish the foundations required
to improve margin quality, strengthen cash generation and support scalable
growth into FY27 and beyond.
HY26 delivered modest but resilient year-on-year growth in Adjusted Operating
Profit, with revenue growth reflecting continued momentum in Merchanting.
Margin movements were in line with expectations, driven by the greater
weighting of Merchanting revenues.
The remainder of the financial year will focus on executing this realignment,
with initiatives underway expected to enhance operating leverage in H2,
improve performance and ultimately strengthen shareholder value.
Strengthened Leadership
Leadership changes made during the period have strengthened the Group's
ability to execute its strategy. The senior team now combines deep
promotional-products industry expertise with strengthened plc-level financial,
technology and governance capability. Across the Group, Deborah Wilkinson
(Chief Operating Officer) and Martin Varley (Chief Strategy Officer), bringing
over 20 and 35 years of sector experience respectively, have taken on expanded
strategic and operational responsibilities, using their insight to help
sharpen focus, improve operational alignment and direct the Group's efforts
toward higher-value, margin-enhancing opportunities. As part of this
programme, initial organisational changes within AIM have been completed, with
further efficiency-focused actions underway across ACS and UGS to support a
more scalable operating model.
This depth of industry and operating experience is complemented by the
technology-enabled, capital-markets and public-company capability provided by
Executive Chairman Alexander Brennan and Drew Whibley (Chief Financial
Officer), who joined during HY26. Together, the refreshed leadership team is
now operating with clearer execution focus, strengthened governance oversight
and a disciplined approach to scaling, positioning the Group to enhance margin
quality and deliver sustainable long-term growth.
The Board has also commenced the process to appoint an Independent
Non-Executive Director to further strengthen governance.
Strategic progress
HY26 marked a period of meaningful strategic progress for the Group, centred
on sharper commercial focus, improved operational alignment and continued
advancement of the AIM platform. The leadership team has established clearer
priorities for profitable, scalable growth, with execution now organised
around three areas: enhancing the AIM Platform, strengthening merchanting
discipline, and improving Group-wide operating efficiency.
Within AIM, the Group advanced its AI-first product and services strategy,
delivering early enhancements that improve usability, efficiency and workflow
automation, and laying the foundations for the broader evolution of the
platform and the new recurring revenue streams it will unlock. Work also
progressed on strengthening data infrastructure, deepening supplier
connectivity and elevating the overall customer experience, priorities that
underpin AIM's role as the Group's highest-margin division.
Across ACS and UGS, the portfolio reviews conducted during the period have
informed refined commercial criteria, tighter contract-evaluation thresholds
and a clearer framework for margin improvement. These actions are designed to
ensure both divisions scale in a more disciplined and financially resilient
manner, with future growth aligned to more robust hurdle rates and improved
operational expectations.
Ahead of the review, the Board decided to pause new UGS contract acquisition
and adopt a more selective approach to onboarding new ACS affiliates, ensuring
that the existing portfolio is performing to expectations and enabling
refinement of the UGS bid model.
Alongside product and divisional progress, the decentralised operating
structure continued to embed well, improving the speed and quality of
decisions across daily operations while maintaining robust oversight. This
structure gives our teams clearer accountability, enhances commercial
discipline and helps ensure investment is directed toward the highest-return
opportunities.
Collectively, these initiatives support the Group's ambition to improve margin
quality, enhance cash conversion and establish a more scalable foundation for
FY27 and beyond.
Operational performance
Operational delivery across the Group remained resilient during HY26,
supported by stable platform performance, improved workflow consistency and
continued progress across ACS and UGS.
AIM delivered a performance broadly consistent with HY25. The focus during
HY26 was on strengthening the foundations required to support higher
transaction throughput and deeper supplier alignment. Platform stability
remained strong, with fulfilment reliability, order-cycle times and workflow
performance remaining within expected parameters. Early AI-enabled tools
introduced during the period contributed to a reduction in manual handling and
improved workflow visibility across AIM Services, supporting a more consistent
operating rhythm.
Development activity also continued on the next phase of AIM capability, with
effort directed toward customer-experience improvements, increased automation
and the underlying data structures required to support future platform
enhancements.
In parallel, AIM's go-to-market approach was further streamlined. Onboarding
processes were simplified, accessibility for distributors was expanded, and
marketing activity was repositioned to broaden the top of the funnel. These
changes supported a steady pipeline of prospective members through the period
and provided a clearer platform for engagement ahead of next year's planned
releases.
Operational performance across ACS and UGS reflected disciplined execution.
ACS maintained higher throughput and continued to expand its affiliate base.
UGS successfully brought seven new Gear Shop sites live, with operational
ramp-up progressing in line with expectations. Work also advanced on improving
inventory management, process consistency and the scalability of the
campus-store model.
Group-wide execution discipline continued to improve, with early adoption of
AI-led tools across sales, marketing, operations and development teams helping
to streamline workflows and improve responsiveness. These initiatives are
still at an early stage but are already supporting improved day-to-day
efficiency and more consistent internal processes.
Collectively, these developments contributed to stable operational performance
in the first half and strengthened the foundation for improved scalability,
margin enhancement and stronger cash conversion as further platform
enhancements are introduced.
Outlook
The Group entered the second half with clearer priorities and a more
disciplined operating structure. AIM has been repositioned as the focal point
of the Group's platform-led strategy, underpinned by stronger operational and
development foundations established during the first half. In ACS and UGS, the
comprehensive portfolio reviews completed in HY26 have given the leadership
team clearer visibility of programme economics and more robust criteria for
future contracts, supporting a more focused approach to growth and margin
delivery across the merchanting divisions.
As noted above, the Board have paused new UGS contract acquisition for the
current year, though anticipate a return to the bidding market in 2026. Within
ACS, the Board is reviewing options to improve capital efficiency and support
more scalable growth, including approaches that reduce the working capital
intensity of the current transactional model.
Recently revised expectations for FY26 reflect softer than expected AIM member
purchasing activity, influenced by wider macro-economic conditions affecting
corporate spending in the U.S. branded merchandise market, together with
amended assumptions across ACS and UGS following the portfolio reviews.
Trading since the end of HY26 has remained consistent with these revised
expectations.
Operationally, the work undertaken in HY26 has created the conditions for more
scalable and predictable delivery. The next phase of AIM development, centred
on deeper automation, improved customer experience and enhanced insight, is
expected to support higher value member and subscription activity as phased
releases progress through 2026. Within ACS and UGS, the reviews completed
earlier in the year have clarified programme level performance and the
operational changes required to improve predictability and strengthen working
capital control.
The focus for the remainder of the year will be on driving profitable growth
in AIM, executing with greater commercial discipline across ACS and UGS, and
ensuring that the realignment completed to date translates into improved
earnings quality and stronger cash generation. With a clearer operating model,
firmer commercial foundations and a disciplined approach to investment, the
Group is well positioned to build momentum into FY27 and deliver sustainable
progress against its strategic objectives.
HY26 has been an important period of strategic realignment for the Group. We
established clearer priorities, sharpened operational focus and initiated the
actions required to improve margin quality and strengthen the foundations of
the business. While these changes were not expected to materially influence
first-half performance, they set the conditions for stronger earnings and cash
generation over the medium term.
Executive Chairman
Alexander Brennan
Chief Financial Officer's Report
Financial Performance
Revenue
Total revenue for the six months ended 30 September 2025 totalled $21.6m
(HY25: $18.3m), representing year-on-year growth of 18%.
Services - AIM Platform
Services revenue is generated through the AIM platform, including membership
subscriptions, supplier-funded Preferred Partner arrangements and related
technology and marketing services.
Services revenue in HY26 was $5.3m (HY25: $5.4m), reflecting a broadly stable
performance as supplier-throughput activity remained consistent with
prior-period levels. This aligns with wider U.S. promotional products market
data, which continues to indicate subdued demand across the quarters ending
June and September amid ongoing macro-economic uncertainty.
AIM remains the Group's highest-margin division, and the stability in
throughput provides a resilient earnings base. Future growth is expected to
come from the Group's renewed focus on platform-led value creation, deepening
the proposition for both members and suppliers. By enhancing the effectiveness
and utilisation of the AIM Platform, the Group aims to drive higher
transaction throughput and support more sustainable, margin-accretive growth.
Revenue from annual Preferred Partner arrangements has been recognised using
the most current throughput data, applying a consistent and prudent
methodology.
Merchanting - ACS and University Gear Shops (UGS)
Merchanting performance is volume-driven, with margins varying by product mix
and programme maturity, and its revenue arises from:
• ACS, where affiliates use AIM's supplier network and operational support
to fulfil promotional product orders; and
• UGS, which operates contracted campus retail and online stores.
Merchanting revenue increased in HY26 by 25% to $16.3m (HY25: $13.0m),
reflecting higher volumes across both ACS and UGS.
ACS delivered year-on-year growth supported by increased transaction volumes
and continued affiliate recruitment, with annualised run-rate revenues rising
to $23.7m (HY25: $21.4m). While the division continues to expand, the
strategic review completed earlier in the year is informing updated criteria
and pricing to support future margin improvement.
UGS also reported good progress, with revenue of $4.7m (HY25: $2.8m). The
seven new Gear Shop contracts awarded last year went live during the period,
contributing as expected. UGS now operates 29 programmes across 47 campus
locations, with newly onboarded sites expected to scale through FY26 and reach
full annualised contribution during FY27.
Gross Profit
Gross profit increased by $1.0m to $7.7m (HY25: $6.7m), with gross profit
margin of 35.8% (HY25: 36.5%). The modest reduction in margin reflects the
increased weighting of Merchanting revenues, consistent with the Group's
growth mix in HY26.
Merchanting gross profit increased to $3.1m (HY25: $1.9m), with margin
improving to 19.1% (HY25: 14.9%). This improvement reflects higher throughput
across ACS and UGS and early efficiency gains as previously transitioned Gear
Shop sites mature, although margins remain materially below those attached to
Services.
Services gross profit was stable at $4.6m (HY25: $4.8m), with margin at 87.1%
(HY25: 88.5%). This consistency reflects largely unchanged supplier-throughput
activity and continues to provide the Group's primary high-margin
contribution.
Operating Profit and Margins
Adjusted Operating Profit for the six months ended 30 September 2025 was $1.6m
(HY25: $1.5m), representing an Adjusted Operating Margin of 7.5% (HY25: 8.1%).
The year-on-year movement in margin reflects the same revenue-mix dynamics
seen at gross profit level.
Exceptional charges
Exceptional charges totalled $0.8m (HY25: $0.1m). The increase reflects costs
associated with the leadership changes implemented during the period, a
one-off stock provision recognised following a comprehensive review of Gear
Shop inventory undertaken as part of the Group's enhanced financial review
processes and a bad debt write-off.
Earnings per share
Earnings per share for the period were (0.75c) on both a basic and diluted
basis (HY25: 0.11c basic and diluted), reflecting the impact of the increased
exceptional charges in HY26.
Balance sheet
Net operating cash flow before exceptional items was an outflow of $1.1m
(HY25: $0.8m outflow). The movement reflects the working capital investment
required to support the onboarding of new Gear Shop sites, most notably the
increase in inventory to $3.0m (HY25: $2.0m). In addition, trade and other
receivables increased to $9.6m (HY25: $8.9m), driven by higher merchanting
volumes. Together, these working capital movements account for the majority of
the outflow in the period. These same factors contributed to the increase in
net debt to $2.3m at 30 September 2025.
Drew Whibley
Chief Financial Officer
Condensed Consolidated income statement for the six months ended 30 September
2025
Unaudited Unaudited Audited
6 months 6 months 12 months
Note 30 Sep 2025 30 Sep 31 Mar 2025
2024(1)
$000 $000 $000
Revenue 3 21,554 18,337 37,257
Cost of sales (13,832) (11,652) (23,096)
Gross profit 7,722 6,685 14,161
Administrative expenses before share-based payment charges, depreciation, (6,116) (5,201) (10,509)
amortisation and exceptional expenses
Operating profit before share-based payment charges, depreciation, 1,606 1,484 3,652
amortisation and exceptional charges
Share based payment charges (255) (311) (600)
Depreciation and amortisation (1,063) (970) (2,077)
Exceptional charges 4 (817) (126) (414)
Total administrative expenses (8,251) (6,608) (13,600)
Operating (loss)/profit (529) 77 561
Finance expenses (62) (22) (140)
(Loss)/profit before taxation (591) 55 421
Taxation 46 27 765
(Loss)/profit attributable to the equity shareholders of the Company (545) 82 1,186
Earnings per ordinary share attributable to the equity shareholders of the
Company:
- Basic (pence) 5 (0.56p) 0.08p 1.28p
- Diluted (pence) 5 (0.56p) 0.08p 1.27p
- Basic (cents) 5 (0.75c) 0.11c 1.64c
- Diluted (cents) 5 (0.75c) 0.11c 1.62c
(1) The reporting currency of the Group was changed from sterling to US
dollars for FY25. The results for the six months ended 30 September 2024 have
been restated in US dollars.
Condensed Consolidated statement of changes in equity for the six months ended
30 September 2025
Share Capital Share Premium Retained Earnings Foreign Exchange Translation Reserve Total
$000 $000 $000 $000 $000
At 30 September 2024(1) 451 29,120 (11,391) (4,150) 14,030
Profit for the period - - 82 - 82
Foreign exchange differences - - - 807 807
Total comprehensive income - - 82 807 889
Transactions with owners recorded directly in equity:
Shares issued 6 - (6) - -
Share based payment charges - - 311 - 311
Total transactions with owners 6 - 305 - 311
At 31 March 2025(1) 457 29,120 (11,004) (3,343) 15,230
Loss for the period - - (545) - (545)
Foreign exchange differences - - - 175 175
Total comprehensive income - - (545) 175 (370)
Transactions with owners recorded directly in equity:
Shares issued 2 - (2) - -
Share based payment charges - - 255 - 255
Total transactions with owners 2 - 253 - 255
At 30 September 2025 459 29,120 (11,296) (3,168) 15,115
(1) The reporting currency of the Group was changed from sterling to US
dollars for FY25. The results for the six months ended 30 September 2024 have
been restated in US dollars.
Condensed Consolidated balance sheet as at 30 September 2025
Unaudited Unaudited Audited
6 months 6 months 12 months
30 Sep 30 Sep 2024(1) 31 Mar 2025
2025
$000 $000 $000
ASSETS
Non-current assets
Goodwill 3,508 3,666 3,650
Intangibles 4,994 4,348 4,322
Property, plant & equipment 640 573 586
Right of use assets 93 239 155
Deferred tax assets 2,018 872 2,044
Total non-current assets 11,253 9,698 10,757
Current assets
Inventory 3,045 1,954 2,506
Trade and other receivables 9,622 8,922 7,725
Corporation tax receivable 186 230 86
Cash and cash equivalents 675 419 676
Total current assets 13,528 11,525 10,993
Total assets 24,781 21,223 21,750
LIABILITIES
Current liabilities
Revolving facility (2,997) (1,200) -
Trade and other payables (5,992) (5,809) (5,980)
Total current liabilities (8,989) (7,009) (5,980)
Net current assets 4,539 4,516 5,013
Non-current liabilities
Deferred tax liabilities (423) - (490)
Lease liabilities (254) (184) (50)
Total non-current liabilities (677) (184) (540)
Total liabilities (9,666) (7,193) (6,520)
Net assets 15,115 14,030 15,230
EQUITY
Called up share capital 459 451 457
Share premium 29,120 29,120 29,120
Retained losses and foreign exchange (14,464) (15,541) (14,347)
Total equity attributable to equity holders of the Company 15,115 14,030 15,230
(1) The reporting currency of the Group was changed from sterling to US
dollars for FY25. The results for the six months ended 30 September 2024 have
been restated in US dollars.
Condensed Consolidated cash flow statement for the six months ended 30
September 2025
Unaudited Unaudited Audited
6 months 6 months 12 months
30 Sep 30 Sep 2024(1) 31 Mar 2025
2025
$000 $000 $000
Operating (Loss)/profit (529) 77 561
Amortisation of intangible assets 907 777 1,701
Depreciation 156 193 376
Share based payment charges 255 311 600
Loss on disposal of fixed assets - - 15
Loss on disposal of intangible assets - - 41
Exceptional charges 817 126 414
Operating cash flow before changes in working capital and exceptionals 1,606 1,484 3,708
Movement in Inventory (964) (636) (1,188)
Movement in trade and other receivables (2,419) (2,893) (1,708)
Movement in trade and other payables 663 1,282 1,497
Changes in working capital (2,720) (2,247) (1,399)
Net operating cash flow before exceptional items (1,114) (763) 2,309
Exceptional charges (285) (126) (414)
Net operating cash flow activities after exceptional items (1,399) (889) 1,895
Income tax received (31) - 129
Net cash flow from operating activities (1,430) (889) 2,024
Cash flows from investing activities
Purchase of tangible assets (137) (283) (426)
Purchase of intangible assets (1,311) (1,001) (2,095)
Proceeds of disposal of trade and assets - - 73
Net cash flow from investing activities (1,448) (1,284) (2,448)
Cash flows from financing activities
Repayment of lease borrowings (92) (119) (243)
Lease interest paid (7) (15) (22)
Other interest paid (55) (7) (121)
Drawdown of Revolving facility 2,997 1,200 -
Net cash flow from financing activities 2,843 1,059 (386)
Net decrease in cash and cash equivalents (35) (1,114) (810)
Cash and cash equivalents at the beginning of the period 676 1,541 1,541
Effect of foreign exchange rate changes on cash and cash equivalents 34 (8) (55)
Net decrease in cash and cash equivalents (35) (1,114) (810)
Cash and cash equivalents at the end of the period 675 419 676
(1) The reporting currency of the Group was changed from sterling to US
dollars for FY25. The results for the six months ended 30 September 2024 have
been restated in US dollars.
Notes to the consolidated interim financial statements
1. Basis of preparation
These condensed consolidated interim financial statements for the six months
ended 30 September 2025 have been prepared in accordance with the AIM Rules
for Companies and using the same recognition and measurement principles
applied in the Group's audited financial statements for the year ended 31
March 2025. The accounting policies are based on UK-adopted international
accounting standards.
The interim financial information is presented in US Dollars and rounded to
the nearest thousand ($000). The financial information does not constitute
statutory accounts within the meaning of Section 434 of the Companies Act
2006, has not been audited or reviewed, and should be read in conjunction with
the Group's most recent annual financial statements.
The consolidated half-yearly report was approved by the Board on 26 November
2025.
2. Accounting policies
The accounting policies applied in these condensed consolidated interim
financial statements are consistent with those set out in the Group's audited
financial statements for the year ended 31 March 2025. The Group has not
adopted IAS 34 "Interim Financial Reporting"; however, the financial
information has been prepared using the same accounting principles and methods
of computation as applied in the annual financial statements.
The principal areas requiring judgement and estimation remain materially
unchanged from those disclosed in the Group's most recent annual report.
The principal risks and uncertainties facing the Group remain consistent with
those detailed in the Annual Report for the year ended 31 March 2025.
No new or amended accounting standards effective in the period have had a
material impact on the Group's financial statements.
3. Going concern
The Directors have assessed the Group's ability to continue as a going concern
for a period of at least twelve months from the date of approval of these
interim financial statements. This assessment has included a review of the
Group's cash flow forecasts to November 2026, which incorporate year-to-date
performance and the Board's expectations for trading through the remainder of
FY26.
The forecasts demonstrate that the Group has sufficient liquidity to meet its
obligations as they fall due, supported by its $4 million debt facility, which
provides additional headroom. This facility is due to mature on 31 March 2026.
The Directors note that discussions regarding the renewal of this facility, or
an equivalent arrangement, are planned for Q1 2026 and, based on preliminary
engagement with the lender and the Group's recent trading performance, expect
an appropriate facility to be available.
The Directors have also considered reasonably possible downside scenarios,
including lower demand levels and timing variations in cash receipts. Under
these scenarios, and assuming renewal of the facility on terms consistent with
those historically available to the Group, adequate liquidity is maintained
throughout the assessment period.
The Directors have reviewed the financial position of each trading entity to
ensure they remain able to meet their individual obligations. No contingent
liabilities have been identified that would materially affect the Group's
solvency or liquidity position.
Based on this assessment, the Directors believe the going-concern basis of
preparation remains appropriate, and these interim financial statements do not
include any adjustments that would result from this basis being inappropriate.
4. Segmental Performance
The chief operating decision maker has been identified as the Board of
Directors and the segmental analysis is presented in the Group's internal
reporting to the Board. At 30 September 2025, the Group has two operating
segments, North America, and the United Kingdom.
Service revenues are derived from servicing our AIM membership base and
generating throughput with our contracted Preferred Partners. Merchanting
revenues are from the sale of promotional products.
Unaudited Unaudited Unaudited Unaudited
6 months 6 months 6 months 6 months
30-Sep-25 30-Sep-25 30-Sep-25 30-Sep-25
$000 $000 $000 $000
Group North America UK and Europe Central
Services
Turnover 5,303 4,655 648 -
Cost of Sales (683) (574) (109) -
Gross Profit 4,620 4,081 539 -
Merchanting
Turnover 16,251 16,251 - -
Cost of Sales (13,149) (13,149) - -
Gross Profit 3,102 3,102 - -
Group
Turnover 21,554 20,906 648 -
Cost of Sales (13,832) (13,723) (109) -
Gross Profit 7,722 7,183 539 -
Adjusted Operating Profit/(Loss)(1) 1,606 2,331 (193) (532)
Share-based payment charges (255) - - (255)
Depreciation (156) (150) (6) -
Amortisation (907) (185) (722) -
Exceptional charges (817) (741) (4) (72)
Finance charges (62) (62) - -
Segmental (loss)/profit before income tax (591) 1,193 (925) (859)
( )
(1) Adjusted Operating Profit/(Loss) represents EBITDA excluding share-based
payment charges and exceptional charges.
Unaudited Unaudited Unaudited Unaudited
6 months 6 months 6 months 6 months
30-Sep-24 30-Sep-24 30-Sep-24 30-Sep-24
$000 $000 $000 $000
Group North UK and Central
America Europe
Services
Turnover 5,372 4,677 695 -
Cost of Sales (617) (504) (113) -
Gross Profit 4,755 4,173 582 -
Merchanting
Turnover 12,965 12,965 - -
Cost of Sales (11,035) (11,035) - -
Gross Profit 1,930 1,930 - -
Group
Turnover 18,337 17,642 695 -
Cost of Sales (11,652) (11,539) (113) -
Gross Profit 6,685 6,103 582 -
Adjusted Operating Profit/(Loss)(1) 1,484 1,816 (30) (302)
Share-based payment charges (311) - - (311)
Depreciation (193) (145) (48) -
Amortisation (777) (165) (612) -
Exceptional charges (126) (85) (11) (30)
Finance charges (22) (18) (2) (2)
Segmental profit/(loss) before income tax 55 1,403 (703) (645)
( )
(1) Adjusted Operating Profit/(Loss) represents EBITDA excluding share-based
payment charges and exceptional charges.
5. Exceptional charges
Unaudited Unaudited Audited
6 months 6 months 12 months
30 Sep 2025 30 Sep 2024 31 Mar 2025
$'000 $'000 $'000
Reorganisation and restructuring costs 279 - -
Inventory Valuation Adjustment 425 - -
Other exceptional costs 113 126 414
817 126 414
Exceptional charges totaled $0.8m (HY25: $0.1m). The increase reflects
costs associated with the leadership changes implemented during the period, a
one-off stock provision recognised following a comprehensive review of Gear
Shop inventory undertaken as part of the Group's enhanced financial review
processes and a bad debt write-off.
6. Basic and diluted earnings per share
The calculation of earnings per ordinary share is based on the profit for the
period after taxation and the weighted average number of equity voting shares
in issue.
The Group changed its presentational currency from GBP to USD in FY25.
Earnings per share, and the accompanying figures in the table below, continue
to be presented in £000 and pence as well as $000 and cents to reflect the
functional currency of the parent company's shares and the reporting
conventions of the London AIM market. For HY26, diluted loss per share is
equal to basic loss per share as potential ordinary shares are anti-dilutive.
Unaudited Unaudited Audited
6months 6 months 12 months
30-Sep-25 30-Sep-24 31-Mar-25
$000 $000 $000
(Loss)/profit attributable to the equity shareholders of the Company (545) 82 1,186
Weighted average number of shares (number 000) 72,892 72,032 72,250
Fully diluted weighted average number of shares (number 000) 73,703 74,066 73,189
Basic profit per ordinary share (cents) (0.75c) 0.11c 1.64c
Diluted profit per ordinary share (cents) (0.75c) 0.11c 1.62c
Adjusted profit per ordinary share (cents)
Profit attributable to the equity shareholders of the Company (545) 82 1,186
add back:
Share-based payments 255 311 600
Amortisation on acquired intangibles 91 92 182
Exceptional charges 817 126 414
Taxation (46) (27) (765)
Adjusted earnings 572 584 1,617
Adjusted basic earnings per ordinary share (cents) 0.78c 0.81c 2.24c
Adjusted diluted earnings per ordinary share (cents) 0.78c 0.79c 2.21c
Unaudited Unaudited Audited
6 months 6 months 12 months
30-Sep-25 30-Sep-24 31-Mar-25
£000 £000 £000
Profit attributable to the equity shareholders of the Company (407) 58 928
Weighted average number of shares (number 000) 72,892 72,032 72,250
Fully diluted weighted average number of shares (number 000) 73,703 74,066 73,189
Basic profit per ordinary share (pence) (0.56p) 0.08p 1.28p
Diluted profit per ordinary share (pence) (0.56p) 0.08p 1.27p
Adjusted profit per ordinary share (pence)
Profit attributable to the equity shareholders of the Company (407) 58 928
add back:
Share-based payments 190 248 470
Amortisation on acquired intangibles 68 72 142
Exceptional charges 609 98 324
Taxation (34) (23) (599)
Adjusted earnings 426 453 1,265
Adjusted basic earnings per ordinary share (pence) 0.58p 0.63p 1.75p
Adjusted diluted earnings per ordinary share (pence) 0.58p 0.61p 1.73p
The Group has revised its calculation of adjusted earnings per share to
exclude the tax charge in full, in addition to the usual adjustments for
share-based payments, amortisation of acquired intangibles and exceptional
items. This change has been made to present a clearer and more consistent
measure of underlying performance. Recent tax charges have been significantly
affected by movements in deferred tax and the utilisation of tax losses as the
Group transitions from loss-making to profit-making. These items are largely
non-cash and do not reflect the trading results of the business. By presenting
adjusted EPS before tax, the Group provides users of the financial statements
with a measure that better reflects operational earnings on a per share basis
and improves comparability between periods.
Unaudited
Unaudited
Audited
6 months
6 months
12 months
30-Sep-25
30-Sep-24
31-Mar-25
£000
£000
£000
Profit attributable to the equity shareholders of the Company
(407)
58
928
Weighted average number of shares (number 000)
72,892
72,032
72,250
Fully diluted weighted average number of shares (number 000)
73,703
74,066
73,189
Basic profit per ordinary share (pence)
(0.56p)
0.08p
1.28p
Diluted profit per ordinary share (pence)
(0.56p)
0.08p
1.27p
Adjusted profit per ordinary share (pence)
Profit attributable to the equity shareholders of the Company
(407)
58
928
add back:
Share-based payments
190
248
470
Amortisation on acquired intangibles
68
72
142
Exceptional charges
609
98
324
Taxation
(34)
(23)
(599)
Adjusted earnings
426
453
1,265
Adjusted basic earnings per ordinary share (pence)
0.58p
0.63p
1.75p
Adjusted diluted earnings per ordinary share (pence)
0.58p
0.61p
1.73p
The Group has revised its calculation of adjusted earnings per share to
exclude the tax charge in full, in addition to the usual adjustments for
share-based payments, amortisation of acquired intangibles and exceptional
items. This change has been made to present a clearer and more consistent
measure of underlying performance. Recent tax charges have been significantly
affected by movements in deferred tax and the utilisation of tax losses as the
Group transitions from loss-making to profit-making. These items are largely
non-cash and do not reflect the trading results of the business. By presenting
adjusted EPS before tax, the Group provides users of the financial statements
with a measure that better reflects operational earnings on a per share basis
and improves comparability between periods.
7. Related party transactions
During HY26, the Group incurred costs of $77,000 (HY25: $nil) in respect of
Director services provided by Ice Helicopters Ltd, a company in which Martin
Varley, a Director of Altitude Group plc, is also a Director. The transactions
were conducted on an arm's-length basis and on normal commercial terms.
Other than the transaction noted above, there were no related party
transactions during the period.
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