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28 May 2019 | 10:00

Altitude Group swings to loss on lower revenues in legacy UK business, investment in US

Personalised products marketplace Altitude Group swung to a loss as the decline in its legacy UK exhibitions and publications division and investments in the US weighed down performance.

For the year ended 31 December, the company reported a loss before taxation of £2.8m, compared with a profit of £0.1m a year earlier.

Revenues rose to £6.6m for the year, from £6.1m a year earlier, due to £1.6m incremental revenue from a full year of AdProducts, but that was mostly offset by a £1.1m decline in the legacy exhibitions and publications businesses in the UK and legacy SaaS software in the US, the company said. 'We have made substantial progress throughout the year as we developed our relationship with AI Mastermind, providing its members with access to our white labelled AIMPro platform,' said Nichole Stella, CEO at Altitude.

'In January 2019 we acquired AIM, the largest promotional product supplier distributor member group in the US, securing ownership of its $1.9 billion throughput pipeline, a huge opportunity for us to deliver great services and value to our members and shareholders alike.'

'Just four months post the acquisition of AIM, we are very pleased with progress, especially with both supplier and member adoption. We look to the future with confidence.'

At 10:00am: (LON:ALT) Altitude Group PLC share price was -9.5p at 106.5p

Story provided by StockMarketWire.com
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