REG - Altitude Group PLC - Trading Update

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RNS Number : 7167Y  Altitude Group PLC  31 March 2026

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. Upon the publication of this announcement, this inside information is
now considered to be in the public domain.

 

31 March 2026

 

Altitude Group plc

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

 

Trading Update

Altitude Group plc (AIM: ALT), a technology and services provider specialising
in end-to-end solutions for the branded merchandise and promotional products
industry, today provides a trading update for the year ending 31 March 2026,
ahead of the announcement of its full year results expected to be released on
29 July 2026 ("FY26").

Trading Highlights

The Board is pleased to report that the Group has delivered a year of
meaningful progress and strategic realignment, with full year revenue expected
to be above market expectations in the range of $43.5 million to $44.5 million
(FY25: $37.3 million), representing year-on-year growth of between 16.6% and
19.3%. The range reflects that, as in previous years, the Company has yet to
confirm the full value of certain AIM Supplier and University Gear Shop
("UGS") graduation revenue pertaining to FY26.

This performance reflects the full year impact of the UGS contracts awarded
during FY25, alongside growth in the Affiliate programme ("ACS"), consistent
with the trajectory outlined in the Group's interim results announcement on 11
November 2025.

Adjusted Operating Profit(1) for FY26 is expected to be in line with the $3.7
million (FY25: $3.7 million) indicated in the November 2025 trading update,
with Adjusted Profit before Taxation(2) anticipated to be $1.6 million (FY25:
$1.6 million).

The Group expects to close the year with net debt of $0.6 million (FY25: net
cash $0.7 million), reflecting the timing of certain AIM supplier revenues
anticipated to be received in early FY27, alongside costs incurred in
connection with the ongoing operational improvement programme signalled in the
interim announcement. The Group's revolving credit facility provides the Group
with sufficient headroom for FY27.

Operational Highlights

During FY26, the Group has undergone a number of significant Board-level
changes covered in earlier announcements, the most recent being the
appointment of Bob Wigley as Independent Non-Executive Director. Bob brings
directly relevant experience as Chair of UK Finance, the body representing the
UK banking and payments sector, and from board roles spanning financial
services, market infrastructure and blockchain-led digital transformation,
making him well placed to support the development of future AIM services. The
reconstituted Board has implemented a restructuring programme, with the
objective of refocusing the Group on driving profitable growth and enhancing
cash generation focused on the core AIM business.

The Board's strategy for the AIM business is anchored around three strategic
priorities:

·      Member and supplier growth: The Group has prioritised the
execution of a proactive go-to-market strategy, under a newly appointed Senior
US Sales Leader.

·      End-to-end technology platform: The Group is accelerating its
technology roadmap, investing in new functionality designed to deepen the
value delivered to members and suppliers through enhanced data services and
improved platform capabilities, whilst providing incremental revenue
opportunities for the Group. A significant initial milestone in this programme
was reached in January 2026 with the announcement of AIM iQ™, a
purpose-built, AI-enabled platform developed specifically for the promotional
products community.

·      Scalable cost base: The Board has undertaken an operational
restructuring of the business, delivering annualised cost savings of $0.7
million. The restructured model is designed to provide meaningful operational
leverage as the Group scales.

Following the comprehensive portfolio reviews of ACS and UGS reported in
November, the Group has exited certain uneconomic ACS accounts and UGS
contracts and implemented tighter financial hurdle rates across both
programmes, which will result in a more concentrated portfolio, delivering a
higher quality, more profitable and capital-efficient Merchanting division.
Whilst this will moderate Merchanting revenues in FY27, the Board is confident
this will deliver a stronger and more sustainable earnings contribution.

The Board believes that these actions provide a solid foundation for margin
accretion and stronger cash conversion in FY27 and beyond.

Notice of Results

Altitude anticipates issuing its full year results for the year ended 31 March
2026 on 29 July 2026.

For enquiries, please contact:

 Altitude Group plc                            Via Singer Capital Markets

 Alexander Brennan, Executive Chairman

 Deborah Wilkinson, Chief Operating Officer

 Drew Whibley, Chief Financial Officer
 Singer Capital Markets                        Tel: +44 (0) 20 7496 3000

 James Moat / James Fischer / Carl Diebitsch

 

Throughout this announcement:

(1) Adjusted Operating Profit represents Operating Profit before share-based
payment charges and exceptional charges.

(2) Adjusted Profit before Taxation represents Profit before share-based
payment charges, exceptional costs and amortisation on acquired intangibles.

 

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