Business
Postponement of results and trading update
Postponement of results and trading update.
About this update from Altitude Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 5127A\n Altitude Group PLC\n 30 September 2020\n \n \n \n \n 30 September 2020\n \n \n \n \n \n Altitude Group plc\n \n \n (the \"Company\" or \"Altitude\")\n \n \n Postponement of Results and Trading Update\n \n \n \n \n \n Altitude Group plc (AIM: ALT), the operator of the leading marketplace for personalised products, provides an update on its results for the 15 month-period ended 31 March 2020.\n \n \n \n In line with the Financial Reporting Council (\"FRC\") guidance*, the Company now expects to release its results for the 15 month-period ended 31 March 2020 by the end of October 2020. This delay is caused by the impact of the coronavirus pandemic on the audit, including the remote audit process of the Company's main operations in the US and the impact of business disruption on judgmental balance sheet valuations. While the Board cannot be certain as to the level of adjustments that the auditors may take in relation to the coronavirus pandemic effects on the Company's operations until their work is fully concluded, management expects to report the following for the 15 months period ending 31 March 2020:\n \n \n \n · \n Revenue from continuing operations not less than £8.0 million**\n \n \n · \n Comparable revenue for the 12 months ending 31 December 2018 was £2.9 million\n \n \n · \n Cash position of £2.4 million\n \n \n The Company can also report that the cash position at 31 August 2020 was £1.6 million which was in line with management's expectations. \n The Company continues to be cautious in relation to managing cash and discretionary spending. Following the cessation of the US Payroll Protection Programme, the Company instituted a temporary 20% salary reduction for the management team and temporary reduction in staffing hours for all other employees in both the US and the UK.\n \n \n \n \n \n Current Trading\n \n \n \n \n \n The Company has continued to trade and support its distributor and supplier customers through the worst period of lockdown. As previously detailed 25% of US revenue is not reliant on transactional volume. \n \n \n \n \n \n Recent industry reporting indicates that market transactional volume was 44% down in the June quarter vs 2019 but improved in July to 29% down and was steady in August at 26% down. Smaller an...