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08 Apr 2021 | 09:33

Altitude Group trades 'positively' in recently wrapped up trading year

(Sharecast News) - Promotional products marketplace operator Altitude Group said on Thursday that it had continued to trade positively in the financial year ended 31 March. Altitude stated that despite a backdrop of "difficult trading conditions", it had seen continued revenue growth and cost control, meaning its performance was anticipated to be in line with the board's expectations.

The AIM-listed group highlighted that revenues for the quarter to 31 December were ahead of expectations, which resulted in gross profit for the quarter of £1.4m, and also pointed to a "strong" cash balance at 31 March of £2.1m.

Altitude noted that it was pleased with "the resilient trading and liquidity performance of the group" during the period and was confident of a progressive market recovery as lockdown restrictions are lifted across both the UK and US.

Chief executive Nichole Stella said: "Our trading performance is the result of determination and continued execution against our strategy. Throughout the period we maintained a steadfast commitment to our members, affiliates, preferred partners and our staff.

"As we enter a new financial year, barring additional lockdowns, we are confident in the strength of our pipeline, focused on execution and are well-positioned to benefit from continued market recovery. We look forward to announcing our full-year results in due course."

As of 0930 BST, Altitude shares were up 7.07% at 43.90p.
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