Business
Final Results - Amendment
Final Results - Amendment.
About this update from Altitude Group Plc
[{"type":"text","content":"\n RNS Number : 3561W Altitude Group PLC 28 July 2009 \n \nALTITUDE GROUP PLC\n('Altitude' or the 'Company')\n\nCORRECTION : Preliminary results for the year ended 31 December 2008\n\nCorrection - This announcement replaces the RNS announcement 95530 released at 7am on 17 March 2009 entitled 'Unaudited Preliminary Results for the year to 31 December 2008'.\n\nIn the announcement dated 29 June 2009, Altitude announced that it was undertaking a review of the preliminary results for the year ended 31 December 2008 and that as a consequence the Company no longer believed it would be able to publish its Annual Report and Accounts by the 30 June 2009 as required by the AIM Rules. Consequently the Company's shares were suspended from trading on AIM on 29 June 2009. The Annual Report and Accounts has now been published and as such Altitude's shares have resumed to trading on AIM as from 7 a.m. this morning.\n\nThe preliminary results published on 17 March 2009 showed a profit before tax of £338k whereas the final results show a loss before tax of £33k. The adjustment is due to a mixture of changes in provisions (including stock), estimates, restating accounting policies and correcting errors. There has been an increase to the cost of sales of £201k, primarily due to the re-instatement of stock provisions, and an increase in administrative costs of £170k primarily being a combination of reversing incorrect prepayments and accrual releases and the reinstatement of credit balances in the debtors ledger.\n\nFinal Results for the year to 31 December 2008\nNotice of annual general meeting\n\nAltitude Group plc ('Altitude', the 'Group' or the 'Company') announces its Audited results for the year to 31 December 2008 and the publication of the Annual Report and Accounts.\n\nHighlights\n\n\n\nGroup sales reduced by 8.6% to £18.0m (2007: £19.7m)\n\n\nProfit after taxation of £0.1m (2007: loss £0.4m)\n\n\nOperating profit* £0.5m (2007: £0.2m)\n\n\nAccount wins in all business units despite challenging economic climate\n\n\nClosing net cash of £0.43 (2007: £0.65)\n\n\n\n* before non-recurring items, amortisation of customer related intangibles and share based payment charges\n\nColin Cooke, Chairman commented: \n\n'I am pleased that the Group has returned to modest profitability and that the restructuring progra...