30th September 2009

Altitude Group PLC publish half year results.

The Altitude Group PLC interim results for the six month period ended 30 June 2009 showed that the groups revenues remained flat at around £9.0m, with the Group producing an adjusted operating profit increase to almost £0.4m (2008: £0.3m). Profit before taxation fell to £0.04m (2008 : £0.18m) as a result of £276k non-recurring administrative expenses (2008 : £Nil). Gross Profit had increased by of 4% to £3.87m. The Promotional Marketing division half year turnover reduced by around 10% to £7m, this division consists of trade supplier AdProducts, marketing design consultancy Touchpaper and end user businesses Dowlis Corporate Solutions, Ross and Distinctive Ideas. AdProducts business had grown by 18% compared to reductions in most of its peer group. This performance reflects the turnover reduction being experienced by most other companies in the trade. Strong performance from the Information and Exhibitions businesses of Trade Only, PromoServe & Promotional Products Distributor magazine resulted in increased margins & a turnover increase to £2.2m from £1.6m last half year. The Group's cash position worsened to net debt of £0.3m compared to net cash of £1.1m at the same time last year. The group stated that a substantial cost reduction program was complete, potentially saving £500k in 2010. Board changes and major restructuring plans are also virtually complete.