RE: Strong Update28 May 2019 10:05
good summary by finncap this morning
Prelims: Progress since acquisition
Altitude prelims are in line with expectations and lead to unchanged forecasts. The focus on the performance of AI Mastermind, since rebranded AIM Smarter (“AIM”) has continued to deliver momentum in member numbers (up 10% since January to 2018). With the extension of the supplier partner agreements to cover all transactions with members, not just transactions on the AIMPro platform, the focus on “onboarding” is now eased in favour of signing up suppliers to commit to service fees to Altitude/AIM regardless of how the order is placed on the supplier– already having been achieved for 149 suppliers. Prospects remain strong, the acquisition is delivering the potential outcome in line with unchanged forecasts, and the valuation continues to expose more and more upside as proof of execution success is forthcoming. Target 140p reiterated and we look forward to continuing news flow and development and execution of a simplified set of KPIs to demonstrate growing service fees from a growing transaction flow from a growing number of distributors.