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 Group's obligations under Article 17 of MAR.
Altitude Group plc
("Altitude" or the "Group")
TRADING UPDATE
Altitude Group Materially Ahead of Market Expectations
Altitude Group plc (AIM: ALT), the operator of a leading marketplace for the global promotional products industry, is pleased to provide a further trading update for the current financial year ending 31 March 2023 ("FY23").
The Group continues to deliver on its strategy and has been experiencing continued robust trading via expansion of its Services and Merchanting programmes. As a result of the strong trading and underlying performance noted in November which has continued into 2023 the Board anticipates that FY23 trading will be materially ahead of current market expectations.
Having invested throughout this financial year in the development and growth of the Group's Merchanting programmes, both AIM Capital Solutions and adjacent market programmes, the Board anticipates that the Group will continue to experience revenue and EBITDA growth throughout the remainder of calendar 2023 and 2024.
The Group is also pleased to report it has secured an increase its working capital credit facility (the "Facility") with TD Bank N.A. to $1.5m, previously $700k. The Facility has no significant financial covenants and will provide access to non-dilutive funding to support the continued execution of the Group's growth strategy. The Facility is currently undrawn.
Nichole Stella, CEO of Altitude said:
"Following a number of positive market updates earlier in the year, we are delighted with this continued progress and are expecting to achieve record year-end results. In addition to our improved trading so far this year, we have invested in growing market share and have a reassuringly strong pipeline of opportunities. We look forward to updating the market further in the forthcoming months and to the next financial year with great enthusiasm."
1 External market consensus for the year ending 31 March 2023 is currently revenue of £16.5 million and adjusted EBITDA of £1.5 million.
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