Last checked at 15 Jul 2016 14:14
Altitude Group plc
("Altitude", the "Company" or "Group")
Trading Update and Retention of Exhibitions and Publications Business
Altitude, the provider of innovative technology solutions for small to medium sized businesses, is pleased to announce that trading in the six months ended 30 June 2016 was in line with the board's expectations with the benefits of the significant restructuring and the resulting annualised cost reduction of circa £1.8 million coming through as planned in the period.
The pipeline of opportunities in the technology business is growing strongly as the capabilities of the Group's integrated proprietary applications gain wider understanding and traction, particularly in the US. The partnership with Aprinta in the US, announced on 14 June 2016, is on plan for launch by the final quarter of this year.
The National show for the promotional products industry held at the Ricoh Stadium, Coventry in January 2016 was well attended and remains the premier annual show for the industry. Re-bookings for the 2017 show are in line with expectations. In addition, the publications business has continued to trade in line with expectations.
On 15 April 2016, in response to an increase in the share price, the Company announced that it was in early stage discussions over the sale of its exhibition and publications business.
Discussions over the potential sale have now ended. The Directors concluded that shareholders will be better served currently by retaining this strongly cash generative business, which also provides the Group with an ideal outlet through which it can grow recurring technology revenue without incurring external marketing costs.
Enquiries:
Altitude Group plc Peter Hallett, Chairman | 07887 987469 |
WH Ireland Limited (Nominated Adviser and Broker) Tim Feather/Liam Gribben | 0113 394 6600 |