Business
Trading Update and Board Change
Trading Update and Board Change.
About this update from Altitude Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 1183H\n Altitude Group PLC\n 23 March 2020\n \n \n \n \n 23 March 2020\n \n \n Altitude Group plc \n \n \n (the \"Company\" or \"Altitude\") \n \n \n \n \n \n Trading Update for the twelve months to 31 December 2019 and Board Change\n \n \n \n \n \n Altitude Group plc (AIM: ALT), the operator of \n the\n leading marketplace for personalised products, \n provides a trading update for the \n 12\n -month period to 3\n 1\n \n Dec\n ember 2019 (\"\n 2019\n \"). \n The financial performance up to 31 December 2019 demonstrated that the Company was on target to achieve market expectations for the 15-month period to 31 March 2020. \n \n \n \n \n \n As stated in the trading update of 18th March, recent\n indicators show that trading during January and February 2020 was strong. This has inevitably changed in recent weeks as the impact of the COVID-19 outbreak has started to take hold. As a result, it is too early to establish or gauge the impact of COVID-19 in the 3-month period to the 31 March 2020 on the orders to our preferred supply partners and therefore the Directors cannot be certain of the full effect that this will have on trading for the quarter. The Altitude operation is a low overhead model and therefore we run a lean team of circa 45 people in the US and a further 40 in the UK excluding AdProducts. It is important to note, our relationships with both members and supplier partners are strong and we continue to work collaboratively with them throughout this evolving situation. \n \n \n \n \n \n Given the high level of uncertainty arising from the global pandemic and its unprecedented effect on the markets that we serve, we announced on 18 March that we are unable to give any guidance for the 12 months trading period to the end of March 2021. We will provide further market updates as appropriate. \n \n \n \n \n \n Overall Trading\n \n \n Throughout 2019 the Group continued to grow the revenue base of the AIM Smarter business in the United States by focusing on engagement with, and service provision to, both sides of the AIM Smarter marketplace. This resulted in US revenue for the Period growing to $7.1 million, representing a 11-fold increase versus 2018. The fourth quarter represents just the third full quarter of revenue since the acquisition ...