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Altitude shares soar as revenues boosted by US and UK acquisitions

The AIM-listed technology and information company said for the year ended 31 December 2017, its revenues increased 41.2% to £6.1mln from £4.3mln

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Altitude Group said it remains free of bank borrowings, with net cash resources of £2mln

Altitude Group PLC (LON:ALT) shares soared on Tuesday morning as it reported an increase in revenue, boosted by contribution from new acquisitions in the US and the UK.

The AIM-listed technology and information company said for the year ended 31 December 2017, its revenues increased 41.2% to £6.1mln from £4.3mln.

READ: Altitude shares rise as it appoints Nichole Stella as chief executive officer

The company said its gross profit increased £0.8mln to £4.3mln from £3.5mln, while technology revenues stayed at £2.4mln.

AdProducts.com Limited, UK-based supplier of promotional products, acquired in June 2017, contributed £2.1mln to the group’s revenues and £1.2mln to gross profit.

In January 2018, the company officially launched AIMPro, the largest and fastest growing promotional products distributor in the US, now compromising 1,704 distributors with aggregate revenues of US$1.5bn.

Altitude Group said it remains free of bank borrowings, with net cash resources of £2mln, up from £0.7mln a year ago.

Peter Hallett, non-executive chairman of the company, said: “We are hugely excited by the multiple opportunities that our technology is facilitating, and which are now beginning to yield tangible evidence of value far in excess of our legacy business.” 

In morning trading, Altitude Group’s shares jumped 22.15% to 96.50p.

Quick facts: Altitude Group PLC

Price: 55 GBX

AIM:ALT
Market: AIM
Market Cap: £38.11 m
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