REG - Altitude Group PLC - Pre-Close Trading Update

AltitudeAnnouncement

08/06/2023 07:00

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RNS Number : 0248C  Altitude Group PLC  08 June 2023

Altitude Group plc

("Altitude" or the "Group")

PRE-CLOSE TRADING UPDATE

Altitude Group Plc (AIM: ALT), the leading end-to-end solutions provider for
branded merchandise, has experienced a strong year of trading and has
consequently enjoyed multiple upgrades for the full financial year ending
March 31, 2023 ("FY23"). The Group is further pleased to announce it expects
results will be at least in line with market expectations representing a
minimum year-on-year increases in Revenue of c.49% and Adjusted EBITDA of
c.74%.

 

Notice of Results

The Group expects to announce its audited results at the end of July 2023.

 

Current Trading

Whilst the Group's current financial year ("FY24") has just begun, initial
trading has continued to be strong and is tracking significantly ahead of the
same period last year benefiting from the commencement of previously announced
new contracts, full year impact of strong growth from our Merchanting Division
and continuing solid performance from our Services Division.

 

Merchanting continues to expand via its Adjacent Market Programmes (AMPs),
which are progressing well with further contracts having been signed and other
contracts now entering the final stages of legal negotiations. Currently, the
AMPs national roll-out implementation has commenced in multiple cities across
the United States, and we expect to provide further detail following the
successful roll-out of our contracts towards the end of the first half of FY24
being September 2023.

 

In addition, via the AMPs, the Group has become a U.S. Apple Authorised
Campus Store provider and will be able to offer a wide array of the latest
Apple products including Mac notebooks, iPad, Apple Watch and AirPods to
its clients within the AMPs.

 

Cash & Liquidity

FY23 Cash increased to £1.2m (FY22: £0.9m). In addition, the Group's now
signed $1.7m credit facility with TD Bank N.A. is currently undrawn and in
place to fund growth in working capital and investment in our Merchanting
Division.

 

Nichole Stella, CEO of Altitude Group, commented:

"We are pleased with the continued momentum and positive start that we are
experiencing in the early days of our current financial year. Management is
focused on execution and delivery across all programmes, with particular
attention to the roll-out of our disruptive AMPs. The Board is confident that
the addition of AMPs to our business model, and managements track record in
delivering growth, present a strong investment case to investors."

 

(1)( )External market consensus for the year ending 31 March 2023 is
currently revenue of £17.8 million and adjusted EBITDA of £1.9 million.

 

Enquiries:

 

 Altitude Group plc                                           Via Zeus

 Nichole Stella, Chief Executive Officer

 Graham Feltham, Chief Financial Officer
 Zeus (Nominated Adviser & Broker)                            Tel: 0203 829 5000

 Dan Bate / David Foreman / James Edis (Investment Banking)

 Dominic King (Corporate Broking)

 

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