REG - Altitude Group PLC - Trading Update

AltitudeAnnouncement

14/02/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230214:nRSN7849Pa&default-theme=true

RNS Number : 7849P  Altitude Group PLC  14 February 2023

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Group's obligations under Article 17 of MAR.

Altitude Group plc

("Altitude" or the "Group")

TRADING UPDATE

Altitude Group Materially Ahead of Market Expectations

Altitude Group plc (AIM: ALT), the operator of a leading marketplace for the
global promotional products industry, is pleased to provide a further
trading update for the current financial year ending 31 March 2023 ("FY23").

The Group continues to deliver on its strategy and has been experiencing
continued robust trading via expansion of its Services and Merchanting
programmes. As a result of the strong trading and underlying performance
noted in November which has continued into 2023 the Board anticipates that
FY23 trading will be materially ahead of current market expectations.

Having invested throughout this financial year in the development and growth
of the Group's Merchanting programmes, both AIM Capital Solutions and adjacent
market programmes, the Board anticipates that the Group will continue to
experience revenue and EBITDA growth throughout the remainder of calendar 2023
and 2024.

The Group is also pleased to report it has secured an increase its working
capital credit facility (the "Facility") with TD Bank N.A. to $1.5m,
previously $700k. The Facility has no significant financial covenants and will
provide access to non-dilutive funding to support the continued execution of
the Group's growth strategy. The Facility is currently undrawn.

Nichole Stella, CEO of Altitude said:

"Following a number of positive market updates earlier in the year, we are
delighted with this continued progress and are expecting to achieve record
year-end results. In addition to our improved trading so far this year, we
have invested in growing market share and have a reassuringly strong pipeline
of opportunities. We look forward to updating the market further in the
forthcoming months and to the next financial year with great enthusiasm."

(1)( )External market consensus for the year ending 31 March 2023 is
currently revenue of £16.5 million and adjusted EBITDA of £1.5 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 (Corporate Finance)

 Dominic King (Corporate Broking)

 

 

 

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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTNKNBKFBKDABD