7th Sep 2021 12:05
(Alliance News) - Altitude Group PLC on Tuesday said trade was recovering in the first quarter of its new financial year, after reporting a narrowed loss in financial 2021.
Shares in Altitude Group were trading down 6.7% at 30.80 pence each in London on Tuesday morning.
Sheffield, England-based Altitude provides a marketplace and other services for the promotional products industry.
In the 12-months ended March 31, revenue rose 17% on a pro-rated basis to GBP7.7 million from GBP6.6 million in that period a year prior. When compared to the 15-month reporting period in 2020, however, revenue fell 7.2% from GBP8.3 million.
The company's pretax loss narrowed to GBP1.3 million in financial 2021 from a GBP2.7 million loss noted in the 15 months ended March 31, 2020.
In comparison, Altitude posted a GBP2.7 million loss in the 2018 calendar year.
Cost of sales reached GBP2.1 million in financial 2021, up sharply from only GBP851,000 in its previous 15-month financial year.
Altitude said it was "optimistic" about its prospects, but remains focused on conserving cash and developing its product offerings in its new financial year.
"Trading has recovered well in the [first] quarter of the current financial year with quarterly preferred partner service fees returning to 95% of 2019 levels," the company added.
By Scarlett Butler; [email protected]
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