Altitude Group plc shares are now again trading on AIM following a brief period of suspension. Like many companies in the trade, the effects of the reducing demand from end users due to the recession appears to be reflected in the results. The company’s preliminary results for 2008 published on 17 March 2009 showed a profit before tax of ?338k, whereas the final 2008 results now show a loss before tax of ?33k. The adjustment included changes in provisions, estimates, restating accounting policies and correcting errors. Group sales reduced by 8.6% to ?18.0m (2007: ?19.7m), this decline was reported to be entirely in the main end user distributor business which includes AdProducts, Dowlis Corporate Solutions, Ross and Distinctive Ideas. (?13.6m in 2008 – ?16.4m in 2007). The company reported a solid revenue growth in the AdProducts trade supplier business & the Information and Exhibitions businesses, and Profit after taxation of ?107k including a tax credit of ?140k. (2007: loss ?401k). The company had a healthy Closing net cash of ?430k (2007: ?650k). The Annual Report and Accounts are available from the Company’s website: www.altitudeplc.com

Published on: March 23rd, 2011