Tech services firm overcomes difficult conditions to achieve board expectations
Altitude Group, the Manchester-based operator of a leading marketplace for the global promotional products industry, said trading for the year to March 31, 2021, was in line with expectations, with revenues in the third quarter ahead of forecasts.
It said this was against a backdrop of difficult trading conditions in which the group has continued to trade positively throughout.
As a result of continued revenue growth and cost control, performance is anticipated to be in line with the board’s expectations, and revenue for the quarter to December 31, 2020 was ahead of expectations, which resulted in gross profit for the quarter of £1.4m.
The group maintains a strong cash balance of £2.1m at March 31, 2021, versus the last reported position on January 22, 2021 of £1.3m.
The board said it is pleased with the group’s resilient trading and liquidity performance during the period and is confident of a progressive market recovery as lockdown restrictions are lifted across the US and UK.
Chief executive, Nichole Stella, said: “I am extremely proud of the resilience and agility shown by the group throughout the pandemic and subsequent government lockdowns.
“Our trading performance is the result of determination and continued execution against our strategy. Throughout the period we maintained a steadfast commitment to our members, affiliates, preferred partners and our staff.”
She said during 2020/21 the group continued to progress its key objectives – acceleration of digital strategies, strengthening of core AIM membership through recruitment of high quality promotional product distributor members, and continued growth of the newly launched AIM Capital Solutions programme, which requires full system order processing via the group’s innovative technology and provides administrative support and supply chain finance services to participating members.
The group also maintained 100% participation in its Preferred Partner Programme throughout the pandemic.
Ms Stella added: “As we enter a new financial year, barring additional lockdowns, we are confident in the strength of our pipeline, focused on execution and are well positioned to benefit from continued market recovery. We look forward to announcing our full year results in due course.”