Altitude Group PLC Pre-Close Trading Update (0248C)
08 Junio 2023 - 1:00AM
UK Regulatory
TIDMALT
RNS Number : 0248C
Altitude Group PLC
08 June 2023
Altitude Group plc
("Altitude" or the "Group")
PRE-CLOSE TRADING UPDATE
Altitude Group Plc (AIM: ALT), the leading end-to-end solutions
provider for branded merchandise, has experienced a strong year of
trading and has consequently enjoyed multiple upgrades for the full
financial year ending March 31, 2023 (" FY23 "). The Group is
further pleased to announce it expects results will be at least in
line with market expectations r epresenting a minimum year-on-year
increases in Revenue of c.49% and Adjusted EBITDA of c.74%.
Notice of Results
The Group expects to announce its audited results at the end of
July 2023.
Current Trading
Whilst the Group's current financial year ("FY24") has just
begun, initial trading has continued to be strong and is tracking
significantly ahead of the same period last year benefiting from
the commencement of previously announced new contracts, full year
impact of strong growth from our Merchanting Division and
continuing solid performance from our Services Division.
Merchanting continues to expand via its Adjacent Market
Programmes (AMPs), which are progressing well with further
contracts having been signed and other contracts now entering the
final stages of legal negotiations . Currently, the AMPs national
roll-out implementation has commenced in multiple cities across the
United States, and we expect to provide further detail following
the successful roll-out of our contracts towards the end of the
first half of FY24 being September 2023.
In addition, via the AMPs, the Group has become a U.S. Apple
Authorised Campus Store provider and will be able to offer a wide
array of the latest Apple products including Mac notebooks, iPad,
Apple Watch and AirPods to its clients within the AMPs.
Cash & Liquidity
FY23 Cash increased to GBP1.2m (FY22: GBP0.9m) . In addition,
the Group's now signed $1.7m credit facility with TD Bank N.A. is
currently undrawn and in place to fund growth in working capital
and investment in our Merchanting Division.
Nichole Stella, CEO of Altitude Group, commented:
"We are pleased with the continued momentum and positive start
that we are experiencing in the early days of our current financial
year. Management is focused on execution and delivery across all
programmes, with particular attention to the roll-out of our
disruptive AMPs. The Board is confident that the addition of AMPs
to our business model, and managements track record in delivering
growth, present a strong investment case to investors."
(1) External market consensus for the year ending 31 March 2023
is currently revenue of GBP17.8 million and adjusted EBITDA of
GBP1.9 million.
Enquiries:
Altitude Group plc Via Zeus
Nichole Stella, Chief Executive Officer
Graham Feltham, Chief Financial Officer
Zeus (Nominated Adviser & Broker) Tel: 0203 829
Dan Bate / David Foreman / James Edis (Investment 5000
Banking)
Dominic King (Corporate Broking)
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END
TSTNKOBQDBKBPAK
(END) Dow Jones Newswires
June 08, 2023 02:00 ET (06:00 GMT)
Altitude (LSE:ALT)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
Altitude (LSE:ALT)
Gráfica de Acción Histórica
De May 2023 a May 2024