REG - Altitude Group PLC - Trading Update, Board Change and Notice of Results

AltitudeAnnouncement

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RNS Number : 9255G  Altitude Group PLC  11 November 2025

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.

 

11 November 2025

 

Altitude Group plc

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

 

Trading Update, Board Changes and Notice of Results

Altitude Group plc (AIM: ALT), the leading end-to-end solutions provider for
branded merchandise, today provides an update on trading for the six months
ended 30 September 2025 ('HY26').

Trading Update

The Group's financial performance in HY26 is expected to demonstrate steady
year-on-year growth. Revenue for the period grew by 17.5% to $21.6 million
(HY25: $18.3 million¹), reflecting the first contribution from the seven
University Gear Shop ('UGS') contracts awarded last year, alongside continued
growth in the Affiliate programme ('ACS'), where annualised run-rate revenues
increased to $23.7 million (HY25: $21.4 million¹). UGS now operates 29
programmes across 47 campus locations, with the newly onboarded sites expected
to contribute progressively through FY26, reaching their full annualised
run-rate during FY27. Services revenue through the AIM platform was broadly
consistent with HY25 levels.

Adjusted EBITDA(2) increased to $1.7 million (HY25: $1.6 million(1)), growth
of 6%, reflecting the Group's revenue mix during the period. A principal
driver of this margin profile is the onboarding of new UGS sites, which
typically generate lower profitability in their first year as the Group builds
the sales and operational infrastructure to support future growth.

Outlook

Following changes in senior leadership during the first half of the year, the
strengthened management team has undertaken a comprehensive review of both the
ACS and UGS portfolios given their rapid growth in the last few years. The
review identified a requirement for the Group to realign current-year
expectations, together with hurdle criteria and pricing for future contracts.

In addition, growth assumptions for AIM revenue in the current year have been
revised against confirmed member purchase activity for quarters ending June
and September, which is softer than forecast expectations, reflecting ongoing
subdued demand and cautious corporate spending across the U.S. branded
merchandise market.

In light of this review, the Group expects revenue and Adjusted EBITDA for
FY26 to be not less than $43 million and $3.7 million respectively.

In response, the refreshed leadership team, which combines deep sector
experience with extensive expertise in scaling technology-enabled and publicly
listed businesses, is taking active steps to strengthen the Group's margin
profile by improving efficiency, exercising cost discipline, and directing
investment toward higher-margin revenue opportunities.

With a clear focus on profitable growth, disciplined execution, and enhanced
operational delivery, these initiatives form part of a broader plan to improve
operational efficiency and financial resilience, laying the foundations for
margin accretion, stronger cash conversion, and scalable growth into FY27 and
beyond.

Board changes

To support the Group through the next phase of its growth, Martin Varley,
Non-Executive Director, has been appointed Chief Strategy Officer with effect
from 1 October 2025.

With over 35 years of experience in the branded merchandise industry, Martin
will help shape and guide the Group's strategic priorities and support
operational execution.

The Board's search for an Independent Non-Executive Director is well advanced
and expected to conclude in the near term.

 

Alexander Brennan, Executive Chairman of Altitude commented:

 

"Whilst we acknowledge the short-term impact on performance as we realign
trading expectations, the Board remain positive for future growth in
profitability. As we move into the second half, our focus remains firmly on
driving profitability, particularly in the core AIM business, enhancing cash
generation, and strengthening the scalability of our operations. The actions
we are continuing to take are laying the groundwork for improved financial
performance and sustainable value creation in FY27 and beyond."

 

Notice of Results

 

Altitude anticipates issuing its interim results for the six months ended 30
September 2025 on Thursday 27 November 2025.

 

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 EBITDA represents EBITDA before share-based payment charges and
exceptional charges.

 

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