Altitude Group PLC Trading Update (7849P)
14 Febrero 2023 - 1:00AM
UK Regulatory
TIDMALT
RNS Number : 7849P
Altitude Group PLC
14 February 2023
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.
Altitude Group plc
("Altitude" or the "Group")
TRADING UPDATE
Altitude Group Materially Ahead of Market Expectations
Altitude Group plc (AIM: ALT), the operator of a leading
marketplace for the global promotional products industry, is
pleased to provide a further trading update for the current
financial year ending 31 March 2023 ("FY23") .
The Group continues to deliver on its strategy and has been
experiencing continued robust trading via expansion of its Services
and Merchanting programmes. As a result of the strong trading and
underlying performance noted in November which has continued into
2023 the Board anticipates that FY23 trading will be materially
ahead of current market expectations.
Having invested throughout this financial year in the
development and growth of the Group's Merchanting programmes, both
AIM Capital Solutions and adjacent market programmes, the Board
anticipates that the Group will continue to experience revenue and
EBITDA growth throughout the remainder of calendar 2023 and
2024.
The Group is also pleased to report it has secured an increase
its working capital credit facility (the "Facility") with TD Bank
N.A. to $1.5m, previously $700k. The Facility has no significant
financial covenants and will provide access to non-dilutive funding
to support the continued execution of the Group's growth strategy.
The Facility is currently undrawn.
Nichole Stella, CEO of Altitude said:
"Following a number of positive market updates earlier in the
year, we are delighted with this continued progress and are
expecting to achieve record year-end results. In addition to our
improved trading so far this year, we have invested in growing
market share and have a reassuringly strong pipeline of
opportunities. We look forward to updating the market further in
the forthcoming months and to the next financial year with great
enthusiasm."
(1) External market consensus for the year ending 31 March 2023
is currently revenue of GBP16.5 million and adjusted EBITDA of
GBP1.5 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 (Corporate 5000
Finance)
Dominic King (Corporate Broking)
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END
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(END) Dow Jones Newswires
February 14, 2023 02:00 ET (07:00 GMT)
Altitude (LSE:ALT)
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Altitude (LSE:ALT)
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