12th Dec 2019 14:13
(Alliance News) - Altitude Group PLC said Thursday it is on track for its results for the 15 months to the end of March to be in line with market expectations.
In May, the company changed its year-end date to March 31 from December 31.
Shares in the software-as-a-service firm were 11% higher in London on Thursday afternoon at 55.44 pence each.
Altitude said the revenue base for its AIM Smarter business in the US continues to grow - resulting in US revenue rising sharply to USD4.6 million, a nine-fold increase on 2018.
AIM Smarter was formally known as AI Mastermind, the membership-based trade group of promotional products distributor Advertising Industry Mastermind Group LLC.
"The third quarter, represents just the second full quarter of revenue since the acquisition of AIM and is delivering in line with management expectations," Altitude added.
Group revenue for the nine months to September 30 was GBP8.1 million, 53% higher compared to GBP5.3 million in the same period last year.
Chief Executive Nichole Stella said: "We are focused on our strategy to grow the AIM Smarter business by offering great value to both sides of the marketplace. Momentum has continued through the third quarter and I am confident that we will meet expectations for the year and that we have the strategy and model to drive growth through 2020 and beyond."
By Paul McGowan; [email protected]
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