Last checked at 26 Jan 2010 07:00
Altitude Group plc
("the Company" or "the Group")
Trading Update
The board of directors of Altitude Group plc (the "Board"), the promotional merchandise and marketing solutions group announces the following trading update in respect of the financialyear ended 31 December 2009.
Highlights
Sales lower in promotional businesses by 18%
Trading Update
In the second half of the calendar year the trading environment showed modest improvements over the first six months with increases in order intake that should have a positive impact in2010. New corporate account wins that have been made are expected to deliver increased volumes.
Overall, and despite the late season improvement, the promotional product businesses experienced lower volumes over the 12 month period to 31 December 2008 with salesapproximately 18% lower year on year.
Bookings for the market leading Trade Only National Show in January are substantially ahead of 2009 and there have been improvements in order intake for catalogues purchased by distributors.
An improvement in cash management controls from April 2009 onwards has resulted in the Company significantly improving its cash position from approximately a £600K deficit to a year-end cash balance of approximately £770K.The review of documents in relation to the financial reporting of the Group referred to in our statement dated 30 September 2009 are ongoing. Further announcements in this respect will be made when appropriate.
The Company and Craig Slater have compromised all potential legal proceedings, the details of which are subject to confidentiality provisions. No payment in respect of such proceedings has been made by either party.
Colin Cooke, Chairman of the Company said
"In this difficult economic climate we have ended this year with a much improved cash position despite incurring significant one off costs related to the cost saving initiatives.
From a trading perspective, we are pleased to have seen an increase in activity from new and existing customers, and whilst it is a little early to predict how this might impact on volumes, the Board are more confident on the outlook for 2010."
Enquiries:
Altitude Group plc
Colin Cooke, Chairman Tel: 0870 224 6677
Martin Varley, CEO Tel: 07912 599 012
Daniel Stewart & Company plc
Simon Leathers Tel: 020 7776 6550