Altitude Group PLC on Tuesday described financial 2023 as a ‘breakthrough’ year, after reporting that it has swung to a profit.

Altitude is an operator of a marketplace for the promotional products industry.

Altitude said that revenue in the year to March 31 rose 57% to £18.8 million from £11.9 million a year earlier. It swung to a pretax profit for £152,000 from a loss of £157,000.

Adjusted operating profit surged by 83% to £2.0 million from £1.1 million. Altitude noted that this was a ‘record’ profit.

Looking ahead, Altitude said that it is confident of ‘substantial growth’ in financial 2024 and that it will win further contracts. ‘We have a business that is robust, ambitious and is very well positioned for scalable growth,’ it added.

Further, the company noted that it expects to start transacting new contracts by September this year, with further investment in pipeline for continued scalable growth.

Chief Executive Officer Nichole Stella said: ‘This financial year was one of great progress, strong trading and record breaking results. We increased market share in our core markets and proved to be a disruptive force in a new market. As a result, the group has shown growth across the business far exceeding our original expectations.’

Shares in Altitude were up 0.9% to 40.35 pence each in London on Tuesday around midday. In the past 12 months the stock is up 72%.

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