Altitude Group plc Half Yearly Report

Altitude Group plc Half Yearly Report

Altitude Group plc, the provider of information and technology services to the promotional products industry, announces its interim results for the six month period ended 30 June 2011.

Financial Highlights:

  • Revenue from continuing operations increased by 12%  to £2.46m (H1 2010: £2.19m)
  • Gross profit increased 21.5% to £1.69m (H1 2010: £1.39m)
  • Adjusted operating profit* from continuing operations increased by 26% to £0.36m  (H1 2010: £0.28m)
  • Adjusted Basic earnings per share** increased by 53% to 1.21p (H1 2010: 0.79p)
  • Pro forma net cash £1.08m (H1 2010: £0.2m) after £2.17m realised in July from the disposal of the PPD

* before amortisation of intangibles, non-recurring administrative expenses and share-based payment charges
** excluding non-recurring administrative expenses and profit on sale of discontinued operation

Operational Highlights:

  • Disposal of the Promotional Products Division ("PPD") to MBO team for £6.27m (mixture of cash and debt) in June 2011
  • Acquisition and integration of "Technologo" in March 2011, and "The Logo Network" in May 2011
  • Establishment of Trade Only Inc USA Sales and Support facility in place
  • Clear product roadmap in place with significant developments underway
  • Strong growth in USA customer base - first major US client, iPromoteU, on track for 4th quarter launch

Martin Varley, Chief Executive Officer of Altitude Group plc, commented:
"2011 has so far been a crucial year for the Group, with the disposal of the Promotional Products Division transforming Altitude into a purely information and technology services focused company. We continue to move further into the North American market, which offers great potential for the Company. Our trade exhibition, the Trade Only National Show, continues to grow at an impressive rate and the 2011 show in January saw an increase in attendance of 20% on 2010.

"These latest figures show the Company to be moving in the right direction and we are very excited about taking Altitude Group plc to the next level. We are therefore confident of meeting market expectations for the full year."

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