Altitude secures new major contract wins

Altitude said on Tuesday that the contract will generate an expected total combined gross revenue value of roughly $30.0m, including $8.0m signed and subject to State clearance.

Revenue will begin to be generated in the first half of the financial year ending March 2024 and will be in addition to the $1.0m gross annualised revenue already expected for the 2024 trading year under existing adjacent market programmes contracts.

"These new major contract wins have a material impact on the group and demonstrate the success of the group's investment throughout this financial year in the development and growth of its pipeline, yielding positive results across its merchanting programmes," said Altitude, which added that a number of other major contracts of "material value" were in late-stage legal negotiations.

In terms of recent trading, the AIM-listed said it had "a strong close" to the year, with adjusted underlying earnings seen ahead of market expectations.

Chief executive Nichole Stella said: "We are delighted to be starting our new financial year with these significant new contracts, showcasing rapid progress in the group's ability to grow its long-term revenue base. With investment focused on business development, FY23 has proven to be a pivotal year for the group, resulting in excellent visibility of revenues through these multimillion-dollar long-term contract wins."

As of 1020 GMT, Altitude shares had shot up 16.95% to 47.95p.

Reporting by Iain Gilbert at Sharecast.com