Business
Audited Final Results and Notice of AGM
Audited Final Results and Notice of AGM.
About this update from Altitude Group Plc
[{"type":"text","content":"\n\nAltitude Group plc\n(\"Altitude\", the \"Company\" or the \"Group\")\nAudited Annual Results for the Year Ended 31 March 2023 and Notice of Annual General Meeting\nALTITUDE DELIVERS IN CURRENT YEAR AND LOCKS IN FUTURE GROWTH\nFinancial Highlights\n· Group revenues increased by £6.9 million to £18.8 million, up 57.2% (2022: £11.9 million)\n· Gross profit increased 39.9% by £2.5 million to £8.6 million (2022: £6.2 million)\n· We are proud to report a record Group adjusted operating profit* growing by 83.4% to £2.0 million (2022: £1.1 million) replacing £0.5m of US Government retention credit with sustainable profitable growth\n· Basic and diluted earnings per share increased by 293% to 0.55p (2022: 0.14p)\n· Cash inflow from operating activities increased by £1.8 million to £1.6 million (2022: outflow £0.2m) driven by significant revenue growth and increased trading activities\n· Cash outflow from investing activities of £1.1 million (2022: £0.9 million)\n· Cash increased by £0.3 million to £1.2 million (2022: £0.9 million)\n· The Group secured a financing facility of $1.7 million to support future substantial growth in Merchanting. The facility remains undrawn and the Group is debt-free\n * Operating profit before share-based payment charges, amortisation of intangible assets, depreciation of tangible assets and exceptional charges\nKey corporate developments and operational highlights\n· The Group enjoyed a record year of adjusted operating profit\n· The Group invested in pipeline growth and business development efforts, which have paid off, and driven significant growth across its Merchanting divisions, providing £1.6 million of operating cashflow to drive future growth\n· The US delivered adjusted operating profit growth of 49% reaching $4.1 million (2022: $2.8 million)\n· The Group's adjacent market solution has proven to be disruptive in the sector and is driving hyper-growth across the Group with the signing of high-value multi-year contracts which will all generate revenue in the first half of the current financial year. Further contr...