Record breaking results for trading platform
Sheffield-based Altitude Group, which operates a marketplace for the global promotional products industry, has seen its revenues increase by 57.2% to £18.8m (2022: £11.9m) in its audited annual results for the year ended 31 March 2023.
Gross profit was up 39.9% by £2.5m to £8.6m (2022: £6.2m), with the business also reporting a record group adjusted operating profit – this climbed by 83.4% to £2m (2022: £1.1m).
Nichole Stella, CEO, said: “This financial year was one of great progress, strong trading and record breaking results.
“We increased market share in our core markets and proved to be a disruptive force in a new market.
“As a result, the group has shown growth across the business far exceeding our original expectations.
“We have a business that is robust, ambitious and is very well positioned for scalable growth. We look forward to the future, both near term and longer term, with great confidence.”
Altitude Group adds that it delivered significant multi-year contract wins and maintained an ever-growing pipeline during the period.
The group secured a financing facility of $1.7m/£1.3m to support future substantial growth in its Merchanting arm. The facility remains undrawn and the group is debt-free
Altitude’s management team notes the group remains focused on growth in the new financial year and is committed to becoming a $100m business.
David Smith, non-executive chairman of the business, said: “The management team are under no illusions, the success of our contract wins provides operational challenges to navigate and overcome whilst maintaining the hunger to further improve and win new business.
“I am confident we have the right team in place under the dynamic and agile leadership of Nichole to continue delivery of our strategy.
“We have made significant progress, achieved notable milestones, and positioned ourselves for sustained growth in a dynamic marketplace.”
