Altitude confident after releasing six month figures
Altitude Group, the AIM-listed Middleton personalised products business, said it remained confident after releasing unaudited figures for the six months to June 30 today.
It revealed revenue growth of 43% to £5.4m, while gross profit was up 78% to £3.7m, and adjusted operating profit remained on £300,000.
The pre-tax loss for £900,000 compared with a £700,000 loss the previous year.
Altitude said it remains free of bank borrowing, with net cash resources of £3.5m as at June 30, compared with £400,000 at December 31, 2018.
Its US operations are now profitable and self-funding and US revenues increased six-fold to $2m for the quarter ended June 30, compared with $300,000 in 2018.
During the period the group said it had achieved the successful integration of the AI Mastermind business acquired in January 2019, renamed AIM Smarter, while accelerating its US hiring and training process across all divisions of sales, marketing, technology, customer service and accounting.
AIM membership and aggregate member annual revenues increased by 14% to 2,185 and 12% to around $2.1bn, respectively, since acquisition, and 161 suppliers have now signed up to the Preferred Supplier Programme.
Ninety two members were upgraded to enhanced services.
Chief executive Nichole Stella said: “The board remains confident.
“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.”
