28th May 2019 11:08
LONDON (Alliance News) - Altitude Group PLC on Tuesday said it swung to a loss in its most recent annual results due to increased administrative expenses.
Shares in the software company were trading down 6.0% at 109.00 pence each.
For 2018, the company posted a pretax loss of GBP2.8 million compared to a GBP125,000 profit a year ago.
This was due to administrative expenses rising to GBP4.8 million from GBP3.4 million a year prior and cost of sales up to GBP2.6 million from GBP1.8 million.
Revenue meanwhile rose to GBP6.6 million from GBP6.1 million, mainly due to due to GBP1.6 million incremental revenue from a full year of AdProducts. This was offest by a GBP1.1 million decline in the legacy exhibitions and publications businesses in the UK and legacy SaaS software in the US, the company explained.
"We have made substantial progress throughout the year as we developed our relationship with AI Mastermind, providing its members with access to our white labelled AIMPro platform. In January 2019 we acquired AIM, the largest promotional product supplier distributor member group in the US, securing ownership of its USD1.9 billion throughput pipeline, a huge opportunity for us to deliver great services and value to our members and shareholders alike," Chief Executive Officer Nichole Stella said.
Stella added: "Just four months post the acquisition of AIM, we are very pleased with progress, especially with both supplier and member adoption. We look to the future with confidence."
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