Altitude Group trades 'positively' in recently wrapped up trading year

Promotional products marketplace operator Altitude Group said on Thursday that it had continued to trade positively in the financial year ended 31 March.

Altitude stated that despite a backdrop of "difficult trading conditions", it had seen continued revenue growth and cost control, meaning its performance was anticipated to be in line with the board's expectations.

The AIM-listed group highlighted that revenues for the quarter to 31 December were ahead of expectations, which resulted in gross profit for the quarter of £1.4m, and also pointed to a "strong" cash balance at 31 March of £2.1m.

Altitude noted that it was pleased with "the resilient trading and liquidity performance of the group" during the period and was confident of a progressive market recovery as lockdown restrictions are lifted across both the UK and US.

Chief executive Nichole Stella said: "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.

"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."

As of 0930 BST, Altitude shares were up 7.07% at 43.90p.