Altitude Group plc (AIM: ALT), the operator of a leading marketplace for personalised products, is pleased to provide a trading update for the year ended 31 December 2018 and to provide an update for the period following the successful equity placing and acquisition of Advertising Industry Mastermind Group, LLC.
Trading for the year ended 31 December 2018 was in line with market expectations and the Group expects to announce its Preliminary Results for this period on 28 May 2019.
The Board is encouraged with the progress made since the acquisition of AI Mastermind, the largest promotional products distributor organization member group in the US. Integration has gone well, with the team focussed on driving revenue from, and delivering value to, both sides of the supply chain, increasing member order volumes and value to our supply partners. The business is continuing to increase membership and generate revenue through enhanced marketing, technology and sales support with a particular focus on the supply chain. As announced on 11 March 2019 we have made, and continue to make, key additions to the team in the US who will help to support and accelerate the opportunities available to us.
Nichole Stella, Chief Executive Officer, commented:
“The Company made substantial progress in 2018 and has developed further in the short period following the acquisition of AI Mastermind and its subsequent rapid, successful integration. We have made good initial progress and are encouraged that both members and supplier partners are recognising our enhanced, combined service. We are more convinced than ever about the potential of our model and of the benefits that will be derived following the acquisition of AI Mastermind. The Board looks forward to providing a more detailed update on progress and the exciting evolution of the business on 28 May 2019 when we publish our year end results.”