Business
Trading Update & Secured Credit Facility
Trading Update & Secured Credit Facility.
About this update from Altitude Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 6785G\n Altitude Group PLC\n 31 March 2022\n \n \n \n \n This 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 Company's obligations under Article 17 of MAR.\n \n \n \n \n \n Altitude Group plc\n \n \n (\"Altitude\", the \"Company\" or the \"Group\")\n \n \n Full Year Trading Update & Secured Credit Facility\n \n \n \n \n \n Altitude Group plc (AIM: ALT), the operator of the leading marketplace for the global promotional products industry, \n provides a trading update for the financial year to 31 March 2022 (\"FY2022\"). The Board is pleased to report that the Group is experiencing accelerated recovery post Covid and continues to successfully navigate the current business climate. The Group has increased its core business revenue, replacing the £1.9m FY2021 of one-off Personal Protective Equipment sales. With strong trading in FY2022, and key financial metrics tracking ahead of last year, the Group expects to report FY2022 revenue of c. £12.0m (FY2021:£7.7m) and adjusted operating profit * of c. £1.0m (FY2021: £0.6m), representing increases of c. 56% and c. 80% respectively. \n \n \n \n \n \n *Operating profit before share-based payment charges, amortisation of intangible assets, depreciation of tangible assets and exceptional charges\n \n \n Services \n \n \n Group services revenue, which is derived from both \n AIM members and contracted Preferred Partners, grew in FY2022 by an estimated 20%, from successful delivery of AIM network performance. Approximately 93% of services revenues are either annual recurring fixed revenues or repeating ad valorem marketing revenues based on AIM members transactional volume with contracted Preferred Partners. \n \n \n \n Merchanting \n \n \n \n Our \n merchanting programmes, which includes AIM Capital Solutions (ACS) acting as principal in the underlying transaction, grew substantially through the period with revenue of c. £5.6m in FY2022 (£2.3m FY2021). We are pleased with the platform that has been built to support our Merchanting programmes and are poised for continued growth. \n \n \n Balance Sheet and Cash...