1st Apr 2015 10:35
LONDON (Alliance News) - Altitude Group PLC said Tuesday that Chief Executive Officer Martin Varley is stepping down from the board, as it posted a slightly narrowed pretax loss for 2014.
Altitude provides technology and information services for the promotional products, print and clothing industries.
The company posted a pretax loss of GBP1.6 million, narrowed from a pretax loss of GBP1.9 million in 2013, as revenue rose to GBP4.4 million from GBP4.2 million as it secured further customers in the US and UK.
Altitude attributed its loss to continued investment in its software and resources, and increasing its headcount to 89 from 71 at the end of 2013.
Altitude expressed confidence that this investment will pay-off in its Technologo business, saying that now its sales and service teams are fully trained and it has a healthy pipeline it expects this business to produce growth in 2015 and beyond.
In the US customer numbers were up 14% during the year and in the UK technology customers rose 10%.
"We have made good progress in the turnaround thus far with the businesses trading in line with our expectations. With the new management team in place, along with defined financial and operational controls, your board considers that the group is well placed to face the challenges which lie ahead," said Executive Chairman Stephen Yapp in a statement.
Shares in Altitude Group are trading down 10.6% at 14.75 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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