23rd Jul 2024 11:51
(Alliance News) - Altitude Group PLC shares rose on Tuesday, after it said its annual results were ahead of market expectations.
Altitude is a Sheffield, England-based operator of a marketplace for the promotional products industry. Its shares were up 8.6% to 46.68 pence each in London on Tuesday around midday.
Altitude said its results for the financial year that ended March 31 have beat market expectations, "showcasing accelerated scale, growth and momentum."
Revenue is expected to be up 33%, at constant currency, to GBP24.0 million from GBP18.8 million in financial 2023.
Altitude said it had a "record" adjusted operating profit of GBP2.4 million, up 31% from GBP2.0 million. It noted that this is ahead of market expectations.
Having completed its first quarter of trading in financial 2025, Altitude said it continues to perform well across both its Services division and its "rapidly scaling" Merchanting division.
Chief Executive Nikki Stella said: "This has been another year of stellar growth within the business. Altitude has delivered 6 consecutive years of growth demonstrating the strength of its people and ability to execute. We remain very confident about the future and look forward to another year of significant progress."
Altitude expects to announce its financial 2024 results on July 30.
By Sophie Rose, Alliance News senior reporter
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