Altitude announces its unaudited preliminary results for the year to 31 December 2011.
Altitude Group plc, a leading technology and information business has announced its unaudited preliminary results for the year to 31 December 2011.
Highlights:
- Refocus of strategy to concentrate on the Technology and Information Division
- Disposal of the Promotional Marketing Division Business to MBO team in July 2011
- Acquisition of Technologo and The Logo Network in March and May 2011 respectively
- Established Trade Only Inc and the USA Sales and Customer Support in California
- Launched SaaS solution into USA market
- Revenue from continuing operations increased by 21% to £3.54m (2010: £2.93m)
- Gross profit from continuing operations increased by 36% to £2.63m (2010: £1.93m)
- Operating loss* from continuing operations of £0.15m (2010: £0.07m)
- No net debt
* Underlying operating loss before amortisation of intangible assets, non-recurring administrative expenses and share based payment charges
Colin Cooke, Non-Executive Chairman of Altitude, commented:
“2011 was a transformational year for our Company. The plan to shift management focus onto the higher growth areas of SaaS delivered SME software solutions was facilitated by the disposal of the Promotional Marketing Division to its management.
“The established UK business, which has good visibility of revenue, earnings and cash flow, supports our expansion into the larger USA market. The opportunity to deliver value from supplying the SME market within North American and the UK is substantial and the team is focused on achieving the goal of significant revenue and earnings growth in the medium term.”
Altitude Group Plc is a Technology and Information business which operates under the Trade Only brand. Trade Only provides various marketing and technology tools to both suppliers and distributors operating in the promotional merchandise industry worldwide. Alongside the suite of ‘Cloud’ and Server based software products offered to companies of all sizes in the promotional merchandise arena, Trade Only organises the UK’s biggest trade show for promotional products and the UK’s only industry magazine, PPD.
Altitude Group consists of Trade Only and Promoserve businesses located in Manchester, Sheffield, Toronto, Ontario and Costa Mesa, California.
The Company’s Unaudited Preliminary Results are available on its website: www.altitudeplc.com
