1st May 2024 11:45
(Alliance News) - Altitude Group PLC on Wednesday said that it had surpassed consensus forecasts for the recent financial year, and has maintained this momentum into the new trading period thanks to its "robust" business pipeline.
Altitude is a Sheffield, England-based merchandising solutions provider and operator of a marketplace for the promotional products industry.
Shares in Altitude were up 15% at 36.20 pence each in London on Wednesday.
The company said it experienced "another strong year of trading".
As a result, Altitude now expects to "at least" meet consensus expectations for the year ended March 31.
Consensus forecasts for Altitude are GBP26.1 million in revenue and GBP2.2 million in adjusted earnings before interest, tax, depreciation and amortisation.
In its previous financial year, Altitude delivered GBP18.8 million in revenue, GBP2.0 million in adjusted operating profit and GBP152,000 in pretax profit.
The company said it continues to see strong growth across its Merchanting and Services verticals, the latter of which continues to outperform the wider promotional product industry.
"Given the strategic work we have done over the recent years, we are in a strong position today to outperform market conditions owing to our increasingly diversified position", Altitude said.
Altitude also reported a "very strong start" to the new financial year, with new contracts anticipated imminently from the company's "robust pipeline".
Chief Executive Officer Nichole Stella said: "The financial year to March 31, 2024 was yet another year of great momentum, scale and growth. The momentum that has been across all areas of the business for over 3 years is continuing into the 2025 financial year as evidenced by the contracts being won by the Merchanting vertical."
Altitude is scheduled to publish its annual results on July 30.
By Hugh Cameron, Alliance News reporter
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