15th Nov 2024 11:54
(Alliance News) - Altitude Group PLC on Friday said it expects strong revenue and profit growth for the six months ended September 30 despite subdued market conditions in the promotional products industry.
Shares in Altitude were down 17% at 28.21 pence in London on Friday.
The Manchester-based provider of branded merchandise solutions forecast a more than 20% year-on-year increase in revenue for the first half of 2025, with adjusted operating profit expected to rise by 9%.
Altitude said its Merchanting Division continues to drive growth. Its ACS platform generated more than USD2 million in invoiced sales in a single month during the period.
Annualised run rate revenue in the ACS division grew by 16% to USD21.4 million in the first half of the year, up from USD18.0 million previously.
The company's collegiate Gear Shop solution also expanded, adding a new university contract and launching seven previously signed contracts. It now operates 20 contracts across 23 locations, with annualised average revenue of around USD9.5 million.
Altitude said it remains on track to meet full-year expectations.
Chief Executive Officer Nikki Stella said: "We are pleased that we have continued to drive profitable growth and invested in people and systems to achieve greater operational gearing during challenging market conditions."
The company plans to release its interim results on December 3.
By Eva Castanedo, Alliance News reporter
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