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30 Sep 2019 | 14:49

Altitude posts first-half loss as US investment spend offsets revenue rise

Marketplace for personalised products Altitude posted a deeper first-half loss after rising revenue was offset by investment spending in the US.

Pre-tax losses for the six months through June amounted to £0.9m, compared to losses of £0.7m on-year.

Revenue rose 43% to £5.4m.

'The board remains confident,' chief executive Nichole Stella said.

'We have harnessed initial rapid growth following the acquisition of AIM in the US and this business has been integrated well.'

'Whilst the pace of revenue growth in the early phases was slower than anticipated, we have an immense opportunity and the US business is now profitable and cash generative.'

'We will continue to see growth in members, suppliers and take up of enhanced packages.'

'The board is confident that the potential for Altitude is significant, and that the acquisition of AIM is transformative for the group.' Story provided by
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