Business
Unaudited Interim Results to
Unaudited Interim Results to.
About this update from Altitude Group Plc
[{"type":"text","content":"\n RNS Number : 0719T Altitude Group PLC 22 September 2010 \n\n Altitude Group plc\n \nUnaudited Interim results for the six-month period ended 30 June 2010\n \nAltitude Group plc (\"Altitude\", the \"Group\" or the \"Company\"), a marketing, information and promotional products provider, announces its interim results for the six month period ended 30 June 2010. \n \n \nKEY POINTS\n \nw Group Revenue increased by 10% to £9.92m (H1 2009: £9.04m)\n \nw Adjusted Operating Profit increased by 42% to £0.55m (H1 2009: £0.39m) \n \nw Operating Profit increased by 649% to £0.3m (H1 2009: £0.04m) \n \nw EBITDA increased by 82 % to £0.51m (H1 2009: £0.28m) \n \nw Promotional Marketing Revenue increased by 13% to £7.9m (H1 2009: £7.0m)\n \nw Basic earnings per share increased by 163% to 0.79p (H1 2009: 0.30p)\n \nw Net cash £0.2m: (H1 2009: net debt £0.26m)\n \n \n \nColin Cooke, Chairman, commented:\n \nAs indicated in our July trading update, I am pleased to see improved results and importantly a return to sales growth in our Promotional Marketing businesses I am also encouraged that we had positive net cash at the period end, compared to net debt at the same time last year, which is due both to an improved trading performance and to better cash management.\"\n \nThe wider economic climate is still tough but we have seen the return to the market of a number of clients that cut back on spend during 2009. This has delivered growth in the latter part of H1.\n \nLooking forward, we enter the final quarter comfortable that the business is well structured, has an appropriate cost base and a management team that have clear goals and objectives. \n \nWe have won some new corporate business in recent months that will have an impact from January 2011, and our order book shows that the revenue growth enjoyed in the 1st half was maintained into early September. As is prudent, we remain cautious as to how the government spending cuts could affect our market over the medium term.\n \nThe Information and Exhibitions team have made further progress refining their technology offering, and they continue to explore the substantial opportunity for our software solution in the USA, a market at least 10 times the size of the ...