29th Sep 2015 12:08
LONDON (Alliance News) - Altitude Group PLC said it is now "in good shape" following a a substantial restructuring process, as it reported a widened pretax loss for its first half.
Altitude provides technology and information services for the promotional, print and clothing industries.
For the half year to end-June the company reported a pretax loss of GBP701,000, widened from a pretax loss of GBP122,000 a year before, mostly due to higher administrative costs, as revenue rose slightly to GBP3.1 million from GBP3.0 million.
The higher administrative costs were mostly as a result of exceptional restructuring costs. The company said it has reduced its cost base by an annual GBP1.5 million, which it expects to begin benefiting the business from the second half of the year and beyond.
"The group undertook a substantial restructuring process in the period including changes to the board. We now have a much leaner and focused business with clear reporting lines and responsibilities under a centralised management structure led by a group managing director," said Chairman Richard Sowerby in a statement.
Shares in Altitude were untraded Tuesday afternoon. It last closed at 12.25 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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