REG - Altitude Group PLC - Trading Update and Director Share Awards

AltitudeAnnouncement

27/10/2023 07:15

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RNS Number : 4755R  Altitude Group PLC  27 October 2023

27 October 2023

 

Altitude Group plc

("Altitude", the "Group" or the "Company")

 

Trading Update

and

Notice of Results

and

Director Share Awards

and

Total Voting Rights

Altitude Group Plc (AIM: ALT), the leading end-to-end solutions provider for
branded merchandise, is pleased to provide a trading update for the six months
ended 30 September 2023, ahead of the announcement of its half year results
expected to be released on 28th November ("HY24").

Trading Update

The Group's financial performance in HY24 is expected to demonstrate
significant year on year growth, surpassing the figures from HY23 by over 50%
on revenue and nearly 40% on Adjusted Operating Profit.  The Group is
benefiting from strong growth in its Merchanting Division and continuing solid
performance in its Services Division. This is very much in line with the
Board's expectations and gives us great confidence with both the short term
and long term outlook for the Company.

As of September 2023, the AMPs awarded contracts have been successfully
launched, per the Company's June trading update, on time and in multiple
cities across the United States.  Commercial trading within these spaces has
commenced. Additionally, the business development team remains active and the
pipeline continues to be robust.

Nikki Stella, CEO of Altitude plc, commented; 'these results are a real
testament to the incredible hard work and talent of the team assembled within
the Group. On behalf of the Board I would like to thank them. We remain highly
confident about the future of Altitude and look forward to further updating
shareholders with our interim results in November."

Notice of Results

 

The Company is also looking forward to announcing its interim results for the
period ended 30 September 2023 on 28 November 2023.

Director Share Awards

The Company further announces that executive directors Nichole Stella, CEO,
Graham Feltham, CFO, and Deborah Wilkinson, COO (the "Executive Directors")
have elected to receive 25% of the annual performance bonuses which were
awarded to them under the Company's annual bonus plan for the financial year
ended 31 March 2023, in Altitude shares, with the balance to be settled in
cash.  As a result, the Executive Directors have been issued the number of
ordinary shares (the "Issue") of 0.4 pence each in the Company ("Ordinary
Shares") set out next to their names in the table below. The Ordinary Shares
are being issued at an effective price of 43.51 pence each.

 Director           Position  Value of Deferred Bonus receivable in Ordinary Shares (£)   Ordinary Shares awarded  Resulting total of Ordinary Shares interested in  Resulting percentage of issued share capital
 Nichole Stella     CEO       63,469                                                      145,868                  1,165,475                                         1.64%
 Graham Feltham     CFO       36,050                                                      82,852                   225,675                                           0.32%
 Deborah Wilkinson  COO       25,750                                                      59,180                   613,030                                           0.86%

 

Further details regarding the performance bonus are set out within the
Directors' Report within the Company's 2023 Annual Report.

 

Admission and Total Voting Rights

Application has been made for the 287,900 new Ordinary Shares pursuant to the
Issue to be admitted to trading on AIM and dealings are expected to commence
on 1 November 2023 ("Admission").

The new Ordinary Shares will rank pari passu with the existing shares of the
Company. Following Admission, the Company's issued share capital will consist
of 71,135,730 Ordinary Shares.

Accordingly, the figure of 71,135,730 may be used by shareholders as the
denominator for the calculations by which they will determine if they are
required to notify their interest in, or a change to their interest in the
Company under the FCA's Disclosure Guidance and Transparency Rules.

Notification and public disclosure of transactions by persons discharging
managerial responsibilities and persons closely associated with them.

 

The notifications set out below are provided in accordance with the
requirements of the EU Market Abuse Regulation as part of UK domestic law by
virtue of the European Union (Withdrawal) Act 2018 and set out more details of
the transactions.

 

 1.   Details of PDMR
 (a)  Name                                     1.            Nichole Stella

                                               2.            Graham Feltham

                                               3.            Deborah Wilkinson
 2.   Reason for notification
 (b)  Position / status                        1.            Chief Executive Officer

                                               2.            Chief Financial Officer

                                               3.            Chief Operating Officer
 (c)  Initial notification / amendment         Initial notification in each case
 3.   Details of the Issuer
 (a)  Name                                     Altitude Group plc
 (b)  LEI                                      213800VACSTYYSI39R89
 4.   Details of the transaction(s): section to be repeated for (i) each type of
      instrument; (ii) each type of transaction; (iii) each date; and (iv) each
      place where transaction(s) have been conducted
 (a)  Description of the financial instrument  Ordinary shares of 0.4p
 (b)  Nature of the transaction                Award of shares under the annual performance bonus plan
 (c)  Price(s) and volume                      Price   Volume
                                               1.  43.51p  145,868
                                               2.  43.51p  82,852
                                               3.  43.51p  59,180
 (d)  Aggregated information                   N/A
 (e)  Date of the transaction                  25 October 2023
 (f)  Place of the transaction                 Outside a trading venue

(d)

Aggregated information

N/A

(e)

Date of the transaction

25 October 2023

(f)

Place of the transaction

Outside a trading venue

 

 

For enquiries, please contact:

 Altitude Group plc                                           Via Zeus

 Nichole Stella, Chief Executive Officer

 Graham Feltham, Chief Financial Officer

 Zeus (Nominated Adviser & Broker)                            Tel: +44 (0)161 831 1512

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

 Dominic King (Corporate Broking)

 

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