Business
Full Year Trading Update
Full Year Trading Update.
About this update from Altitude Group Plc
[{"type":"text","content":"\n\nThis announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (\"MAR\"), and is disclosed in accordance with the Group's obligations under Article 17 of MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.\nAltitude Group plc\n(\"Altitude\" or the \"Group\")\nFULL YEAR TRADING UPDATE\nAltitude delivers record breaking results and exceeds market expectations on adjusted operating profit\n \nAltitude Group Plc (AIM: ALT), the leading end-to-end solutions provider for branded merchandise beats market expectations on adjusted operating profit and achieves record breaking results for the year ended 31 March 2024 (\"FY24\"), showcasing accelerated scale, growth and momentum.\n \nDemonstrating strength and scale, the Board is pleased to report that revenues are expected to be up 33%, at constant currency, to £24.0 million (FY23: £18.8 million) with a record Group adjusted operating profit* of £2.4 million (FY23: £2.0 million) up by 31% at constant currency and ahead of market expectations**. The Group has doubled revenues since FY22 and increased adjusted operating profit* by over 225% over the same two-year period. The Group's investment in its Merchanting divisions, including both ACS and its collegiate market disrupting University Gear Shop solution (\"UGS\"), have each contributed significant growth to the Group.\n \nThe Group's Affiliate programme, ACS, increased its annualised expected revenues for FY24 by 32% to $18.0 million (FY23: $13.6 million). This has been from a mixture of new recruitment and organic growth.\n \nCurrent Trading\n \nThe current financial year (\"FY25\") has just completed its first full quarter of trading and the Group continues to perform well across both its Services division and its rapidly scaling Merchanting division. ACS has had a strong start to FY25, adding an additional $2 million in recruitment to reach $20 million annualised expected revenues.\n \nThe Group continues to expand and disrupt the collegiate market. The team have signed additional new contracts and have further campus programmes in the pipeline for this tender season whi...