11th Dec 2020 11:28
(Alliance News) - Altitude Group PLC on Friday announce the postponement of its interim results, following cash collection and customer payment term extensions due to Covid-19.
The operator of a marketplace for personalised products said results for the six months to September 30 will be released before the end of January.
Altitude said: "The group only recognises certain revenues when cash has been received or the group has received confirmation of the value of the underlying transactions, which form the basis of charging for the services provided."
To present the most accurate view of the company's financial performance, Altitude said it is "in shareholder's interests" to delay the publication of its interim results.
This is in accordance with the "coronavirus temporary measures for publication of half-yearly reports" provisions, the company added.
Altitude shares were down 8.8% at 15.50 pence each in London on Friday morning.
By Greg Roxburgh; [email protected]
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