Business
Preliminary Results for year
Preliminary Results for year.
About this update from Altitude Group Plc
[{"type":"text","content":"\n RNS Number : 0737L Altitude Group PLC 30 April 2010 \n \n\nAltitude Group plc\n \n \nUnaudited Preliminary Results for the year to 31 December 2009\n \nAltitude Group plc (\"Altitude\", the \"Group\" or the \"Company\")announces its unaudited preliminary results for the year to 31 December 2009.\n \nHighlights:\n \n \n· Operating Profit before amortisation of intangible customer related assets, non-recurring administrative expenses and share based payment charges of £277k (2008: £450k)\n \n· Operating Loss £(615)k (2008: £(35)k)\n \n· Strong performance from Trade and Information services businesses.\n \n· Group fully restructured with appropriate cost base\n \n· Improved order intake during final months of 2009\n \n· Closing Net Cash of £773k (2008: £431k)\n \n \nChairman's comments\n \n\"2009 was the most difficult year on record for a promotional products industry that was hard hit by reduction in discretionary spend by large and small corporate users. Our own large banking, building materials and motoring clients were particularly quick to reduce spend as the recession took hold and as a result revenues in our Promotional Marketing business reduced by 14% in the year against a total market estimated to have contracted by 20%. \n \nIt was a more positive story in our information and exhibition business which managed to maintain revenue at similar levels to 2008, despite the downturn, while maintaining investment in the technology products that have become market leading tools in this sector. \n \nA greater focus on cash management and controls from April 2009 onwards has resulted in the Company significantly improving the year-end cash position to £773k (2008: £431k)\n \nLooking forward, sales and order intake in 2010 so far are in line with management expectations in all businesses. Our forward order book in the Promotional Product business is slightly ahead of the same period last year and substantially ahead of the levels seen in the last quarter of 2009.\n \nWe are gaining new customers for our Information and Exhibition business a...