27 October 2023
Altitude Group plc
("Altitude", the "Group" or the "Company")
Trading Update
and
Notice of Results
and
Director Share Awards
and
Total Voting Rights
Altitude Group Plc (AIM: ALT), the leading end-to-end solutions provider for branded merchandise, is pleased to provide a trading update for the six months ended 30 September 2023, ahead of the announcement of its half year results expected to be released on 28th November ("HY24").
Trading Update
The Group's financial performance in HY24 is expected to demonstrate significant year on year growth, surpassing the figures from HY23 by over 50% on revenue and nearly 40% on Adjusted Operating Profit. The Group is benefiting from strong growth in its Merchanting Division and continuing solid performance in its Services Division. This is very much in line with the Board's expectations and gives us great confidence with both the short term and long term outlook for the Company.
As of September 2023, the AMPs awarded contracts have been successfully launched, per the Company's June trading update, on time and in multiple cities across the United States. Commercial trading within these spaces has commenced. Additionally, the business development team remains active and the pipeline continues to be robust.
Nikki Stella, CEO of Altitude plc, commented; 'these results are a real testament to the incredible hard work and talent of the team assembled within the Group. On behalf of the Board I would like to thank them. We remain highly confident about the future of Altitude and look forward to further updating shareholders with our interim results in November."
Notice of Results
The Company is also looking forward to announcing its interim results for the period ended 30 September 2023 on 28 November 2023.
Director Share Awards
The Company further announces that executive directors Nichole Stella, CEO, Graham Feltham, CFO, and Deborah Wilkinson, COO (the "Executive Directors") have elected to receive 25% of the annual performance bonuses which were awarded to them under the Company's annual bonus plan for the financial year ended 31 March 2023, in Altitude shares, with the balance to be settled in cash. As a result, the Executive Directors have been issued the number of ordinary shares (the "Issue") of 0.4 pence each in the Company ("Ordinary Shares") set out next to their names in the table below. The Ordinary Shares are being issued at an effective price of 43.51 pence each.
| Director | Position | Value of Deferred Bonus receivable in Ordinary Shares (£) | Ordinary Shares awarded | Resulting total of Ordinary Shares interested in | Resulting percentage of issued share capital |
| Nichole Stella | CEO | 63,469 | 145,868 | 1,165,475 | 1.64% |
| Graham Feltham | CFO | 36,050 | 82,852 | 225,675 | 0.32% |
| Deborah Wilkinson | COO | 25,750 | 59,180 | 613,030 | 0.86% |
Further details regarding the performance bonus are set out within the Directors' Report within the Company's 2023 Annual Report.
Admission and Total Voting Rights
Application has been made for the 287,900 new Ordinary Shares pursuant to the Issue to be admitted to trading on AIM and dealings are expected to commence on 1 November 2023 ("Admission").
The new Ordinary Shares will rank pari passu with the existing shares of the Company. Following Admission, the Company's issued share capital will consist of 71,135,730 Ordinary Shares.
Accordingly, the figure of 71,135,730 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FCA's Disclosure Guidance and Transparency Rules.
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.
The notifications set out below are provided in accordance with the requirements of the EU Market Abuse Regulation as part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 and set out more details of the transactions.
| 1. | Details of PDMR | |||||||||||||
| (a) | Name | 1. Nichole Stella 2. Graham Feltham 3. Deborah Wilkinson | ||||||||||||
| 2. | Reason for notification | |||||||||||||
| (b) | Position / status | 1. Chief Executive Officer 2. Chief Financial Officer 3. Chief Operating Officer | ||||||||||||
| (c) | Initial notification / amendment | Initial notification in each case | ||||||||||||
| 3. | Details of the Issuer | |||||||||||||
| (a) | Name | Altitude Group plc | ||||||||||||
| (b) | LEI | 213800VACSTYYSI39R89 | ||||||||||||
| 4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transaction(s) have been conducted | |||||||||||||
| (a) | Description of the financial instrument | Ordinary shares of 0.4p | ||||||||||||
| (b) | Nature of the transaction | Award of shares under the annual performance bonus plan | ||||||||||||
| (c) | Price(s) and volume |
| ||||||||||||
| (d) | Aggregated information | N/A | ||||||||||||
| (e) | Date of the transaction | 25 October 2023 | ||||||||||||
| (f) | Place of the transaction | Outside a trading venue | ||||||||||||
For enquiries, please contact:
| Altitude Group plc Nichole Stella, Chief Executive Officer Graham Feltham, Chief Financial Officer
| Via Zeus |
| Zeus (Nominated Adviser & Broker) Dan Bate / David Foreman / James Edis (Investment Banking) Dominic King (Corporate Broking) | Tel: +44 (0)161 831 1512 |
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