Business
Unaudited Preliminary Results
Unaudited Preliminary Results.
About this update from Altitude Group Plc
[{"type":"text","content":"\n RNS Number : 9553O Altitude Group PLC 17 March 2009 \n \n \n\n\nAltitude Group plc\n\n\nUnaudited Preliminary Results for the year to 31 December 2008\n\nAltitude Group plc ('Altitude', the 'Group' or the 'Company') announces its unaudited preliminary results for the year to 31 December 2008.\n\nHighlights:\n\n\n\n\nUnderlying operating profit £0.8m (2007: £0.2m)\n\n\n\n\n\nProfit before tax of £0.3m (2007: loss £0.4m), in line with market expectations\n\n\n\n\n\nAccount wins in all business units despite challenging economic climate\n\n\n\n\n\nCash generated from operations £0.2m\n\n\n\n\n\nClosing net cash of £0.4m\n\n\n\n\n\nEarnings per share 1.22p (2007: loss 1.02p)\n\n\n\nColin Cooke, Chairman commented: \n'I am delighted that the Group has returned to profitability and that the restructuring programme has realised significant cost reductions in 2008. Our information and exhibitions businesses have started 2009 ahead of plan but it has become difficult to predict the level of demand that we will experience from corporate customers in our promotional marketing businesses. We continue to monitor our cost base ready to react quickly to any further softening in our markets to preserve profitability and cash.'\n\nThe Company's Unaudited Preliminary Results are available on its website www.altitudeplc.com\n\n- ends -\n\nEnquiries:\n\nAltitude Group plc 019 3234 3453\nCraig Slater, Chief Executive Officer 077 7058 3768\nTim Sykes, Chief Financial Officer 077 3470 8385\n\nDaniel Stewart & Company plc 020 7776 6550\nLindsay Mair / Simon Starr \n\n\n Chairman's Statement\nPerformance overview\nGroup sales reduced by 7.7% to £18.0m (2007: £19.5m). This decline was entirely in the main end user business and the vast proportion is attributable to one major client in t...