Altitude Group Regulatory News (ALT)

ALTITUDE GROUP PLC

("Altitude" or the "Group")

AGM STATEMENT

At the AGM to be held today at 1.00 p.m., Executive Chairman, Richard Sowerby will make the following statement.

"In my statement in the annual report, which followed the changes to the Group's management structure announced on 28 April 2015, I announced that we were undertaking a review of our operations and structure.

I would like to take this opportunity to update you on that review and the progress we have made to date.

The appointment of Vicky Robinson as Managing Director has taken the day-to-day management role from the Executive Chairman. In Vicky, we have an experienced and capable leader managing the business to deliver an improved performance and giving greater focus to the whole Group. Our previous structure had individual operational leaders running modest-sized businesses reporting to a part-time Executive Chairman.

We have also strengthened our Board with the appointment of Peter Hallett who brings a wealth of experience and an independent perspective to our Board and to the strategic planning.

Our new management structure enables the Group to remove inefficient and duplicated back office functions from across the businesses and geographies. 

Centralising these and many of our support functions has enabled us to maintain our sales and customer facing capability. We have already brought a number of these operations together for the UK and US businesses and also merged our Technologo and Artwork Tool products into the US and UK sales operations.

The impact of these changes is still being fully realised, however our initial estimate indicates the removal of approximately of £1.2 million of annual costs from the Group. Approximately £1 million of these savings are salary related, representing a significant reduction in the context of our overall group personnel costs.

These changes have been achieved at a one-off cash cost of approximately £150,000, which has been funded from existing cash resources and we are confident that the Group is adequately funded.

I would like to take this opportunity to thank our dedicated team for their hard work and support through this period of change."

Richard Sowerby

Executive Chairman

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