Altitude Group Share News (ALT)

Promotional merchandise company Altitude posted a return to pre-tax profit for the year ended 31 December 2010 and said it enters 2011 with a number of opportunities. Pre-tax profit was £511,000 in the year compared to a loss of £615,000 the same time a year earlier. Group revenue for the period increased 18% to £18m.Commenting on the results chairman Colin Cooke said the company has made, "great progress since the board restructuring in early 2008, is well positioned, profitable and cash generative, and despite the substantial improvements in the last 18 months, we believe that opportunities exist to advance the business performance further in the coming year."Underlying operating profit increased to £808,000 from £277,000 in 2009. Revenue in its Promotional Marketing division rose by 20%. Altitude, which announced earlier this month that it is buying Toronto-based Technologo for $1.9m in cash, said substantial progress made with the US launch of Trade Only Cloud software solution. Altitude said it closed the year with £1.5m cash and no debt.