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(ALT.L) Altitude Group PLC Buy/Sell

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Current Market Information

Time: 03:03 (Market Closed)

Bid	6.50
Ask	8.00
Price	7.25
Previous	7.25
Change	+0 (0.0000%)
Last Trade	7.25 (16:30:02)
Trading Vol.	0
Today's High	7.25
Today's Low	7.25

52 Wk Low	5.00
52 Wk Low	(11/12/2008)
52 Wk High	13.00
52 Wk High	(21/11/2008)
52 Wk Change	-5.75
52 Wk Change	(-44.23%)
4 Wk Volume	21,000
ISIN Number	GB00B0LSFV82
Currency	GBX

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Recent News
Date/Time	Headline	Source
05-10-09	Altitude Group PLC - Director/PDMR Shareholding	RNS
RNS Number : 2183A Altitude Group PLC 05 October 2009 Altitude Group plc ("Altitude", "the Company" or "the Group") Director/PDMR Shareholding The Board of Altitude Group plc (AIM: ALT.L), a leading promotional products business, has been informed that, on 2 October 2009, a company and its wholly owned subsidiary in which Mr Colin Cooke, non Executive Chairman, has a beneficial interest of 40 per cent. bought 150,000 ordinary shares of 0.4p each ("Ordinary Shares") in the Company at 7.5p per share. Following this transaction, the company now has a total holding of 517,000 Ordinary Shares, representing 1.35 per cent. of the total issued share capital of Altitude. Following this transaction, Mr Colin Cooke now has a total beneficial holding in the Company of 613,000 Ordinary Shares representing approximately 1.60 per cent. of the issued share capital. Enquiries: Altitude Group plc `Martin Varley, Chief Executive Officer Tel: 0870 224 6677` Daniel Stewart & Company plc `Oliver Rigby/Tessa Smith Tel: 020 7776 6577` This information is provided by RNS The company news service from the London Stock Exchange END RDSIIFIAIVLEIIA More
30-09-09	Altitude Group PLC - Interim Results	RNS
This news article is displayed preformatted as it may contain results tables RNS Number : 9361Z Altitude Group PLC 30 September 2009 Altitude Group plc Interim results for the six month period ended 30 June 2009 Altitude Group plc ("Altitude", the "Group" or the "Company"); a marketing, information and logistics solutions provider; announces its interim results for the six month period ended 30 June 2009. KEY POINTS * Gross profit increased 4% to �3.87m (H1 2008 : �3.72m) on Revenue of �9.043m (H1 2008 : �9.047m) * Adjusted operating profit increased by 49% to �387,000 (H1 2008 : �259,000) * Total operating profit decreased by 77% to �41,000 (H1 2008 : �180,000) * Substantial cost reduction program complete, potentially saving �500k in 2010 * Strong performance from Information and Exhibitions businesses * Board changes and major restructuring plans virtually complete Colin Cooke, Chairman, commented: "This has been a challenging period in our development as spend by major corporate clients has reduced substantially in the last 12 months across the wider promotional marketing sector, resulting in lower revenues for the promotional marketing division. However, following the board changes earlier in the year, we quickly reviewed business levels and the cost base associated with each division and as a result immediately adjusted our plans to ensure we limited any downside risk. Revenues in this area continue to be soft. I am however encouraged by the results from our Information and Exhibitions businesses which whilst not immune from the economic climate, have managed their costs well to insulate them from any reductions in yield. The period also saw changes in respect of two senior board members and we are currently in litigation with the previous CEO, Craig Slater. We have made provision for legal costs associated with this and we are further reviewing documents in relation to the financial reporting of the Group during the prior period with the help of a forensic accounting firm. The new senior management team have shown a level of dedication, hard work and commitment in recent months that deserves thanks from all of us" 30 September 2009 Enquiries: Altitude Group plc Tel: + 44 (0) 844 225 7070 Martin Varley - Chief Executive Tel: + 44 (0) 7912 599 012 David Smith - Finance Director Tel: + 44 (0) 7979 535 333 Daniel Stewart & Co plc Tel: +44 (0) 20 7776 6550 Simon Leathers CHAIRMAN'S STATEMENT I am pleased to report the interim results for the six month period ended 30 June 2009. Overview On flat revenues of �9.0m, the Group produced 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). 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 and shareholders' funds increased by �0.1m over the same period to �5.1m. Poor revenue generation affected the Promotional Marketing business in the first half resulting in lower sales and a loss at the operating profit level, however strong performance from the Information and Exhibitions business improved overall gross margins as the mix shifted to these higher margin areas. New account wins in the 2nd quarter of the year are starting to deliver some modest improvements. Operational overview Six month period Year ended Six month period ended ended 30 Jun 09 31 Dec 08 30 Jun 08 Revenues Promotional marketing 7.0 15.9 7.7 Information & exhibitions 2.2 2.9 1.6 Intra-group (0.2) (0.8) (0.3) ------------ ------------ ------------ 9.0 18.0 9.0 ------------ ------------ ------------ Operating profit before non-recurring items, amortisation of customer related intangibles and share based payment charges Promotional marketing - 0.9 0.5 Information & exhibitions 0.7 0.3 0.2 Central (0.3) (0.7) (0.4) ------------- ------------- ------------- 0.4 0.5 0.3 ------------ ------------ ------------ Operating profit/(loss) after non-recurring items, amortisation of customer related intangibles and share based payment charges Promotional marketing (0.1) 0.7 0.5 Information & exhibitions 0.5 0.3 0.1 Central (0.4) (1.0) (0.4) ------------ ------------ ------------ - - 0.2 ------------ ------------ ------------ Promotional Marketing Revenue reductions from some major clients affected the Promotional Marketing business substantially. However, with the new Group board structure in place from May onwards, we immediately moved the focus into the two areas of cash and revenue generation from both inactive older customers and new prospects. The team have risen to the challenge well and there are signs that customers are now recognising the range of financial and efficiency benefits of working with our group. We have reduced costs in this area by an annualised total of c.�200k. The full benefit will show in 2010 and alongside new account wins and the plans for increased investment in the direct marketing team will leave us well placed to show improved results next year. Improvements in customer service and a greater marketing focus have led to our AdProducts, business growing in this tough market by 18% compared to reductions in most of its peer group. From the 2nd quarter a clear focus on stock reduction was implemented, resulting in substantial reductions to date. The team are on target to reduce stocks to proper levels by the year-end. Information & Exhibitions Following the success of the 2008 event, the 2009 National Show for the promotional product industry achieved a 30% increase in visitor numbers that delighted the exhibitors resulting in 65% rebooking for the 2010 event by the close of the show. The catalogue and magazine publishing part of the business had a very strong start to the year where the sales are heavily weighted in the first half. There has been some softness in booking for key catalogues for 2010 but cost savings achieved are expected to mitigate any reductions in yield. We have restructured the software business and redirected the team towards focusing on customer satisfaction as the key indicator of success rather than order intake. To address this issue, discounts are no longer being offered and customers that were paying reduced rates are being moved to higher rates as contract renewals arise. Financial review The Group has increased gross margins to 42.8% over the comparative period (H1 2008 : 41.2%) on flat revenues, due to an improved mix of sales from the higher margin Information & Exhibitions business. Adjusted operating profit has increased by 49% over the comparative period to �387k (H1 2008 : �259k) as a result of improved gross profit and lower overhead costs. Profit before taxation fell to �41k (H1 2008 : �180k) as a result of �276k non-recurring administrative expenses (H1 �2008 : �Nil). These costs are a mixture of termination payments and the costs of those terminated employees whilst employed within the Group which, following the restructuring programme, will no longer be incurred. The profit for the six-month period to 30 June 2009 is after a tax credit of �78k (H1 2008: �25k charge). This represents the recognition of a deferred tax asset which takes into account the cumulative unrelieved tax losses currently held within the Group. Cash performance has been below expectations with net debt of �0.3m at 30 June 2009 (31 December 2008 : net cash �0.4m). There is a renewed focus on working capital management with a stock reduction plan in place within our Adproducts business and a focussed effort to collect c. �300k of debt within the group which is over 90 days old. The annual financial statements for the year ended 31 December 2008 included the recognition of certain prior year restatements, and those prior year restatements have been reflected, where appropriate, within the comparative six month period ended 30 June 2008 presented within this half-yearly financial information. The prior year restatements are described within the statutory accounts for the year ended 31 December 2008. The overall affect of the total adjustments was to reduce the profit for the six months period ended 30 June 2008 to �157,000 from �248,000 and total equity and reserves as at 30 June 2008 to �4,953,000 from �5,912,000. Outlook With a major cost reduction plan now complete, a management team focused on the strategy and clear on the key tasks needing to be executed, I am comfortable that the period of flux within the business is now behind us and we are well placed to deliver improved results. Our team are aware of the challenges in the current market, they are clear that cash is the only true measure of success and they are running their business units with this at the forefront of their thoughts and planning. Colin Cooke Chairman Consolidated income statement for the six month period ended 30 June 2009 Unaudited Year ended Unaudited Six month period 31 Dec 08 Six month period ended ended 30 Jun 09 30 Jun 08 As restated �'000 �'000 �'000 Revenue 9,043 17,972 9,047 Cost of sales (5,175) (10,556) (5,320) ------------- ------------- ------------- Gross profit 3,868 7,416 3,727 Administrative costs (3,827) (7,451) (3,547) Adjusted operating profit 387 450 259 Share based payment charges (29) (44) (37) Amortisation of customer (41) (95) (42) related intangibles Non-recurring administrative (276) (346) 0 expenses ------------- ------------- ------------- Total operating profit / 41 (35) 180 (loss) Finance income 1 7 3 Finance expenses (6) (5) (1) ------------- ------------- ------------- Profit / (loss) before 36 (33) 182 taxation Taxation 78 140 (25) ------------- ------------- ------------- Profit / (loss) for the period 114 107 157 ------------- ------------- ------------- Profit / (loss) per ordinary share : - Basic & Diluted 0.30p 0.28p 0.41p There were no recognised gains or losses in the period other than the profit for the period and therefore no statement of recognised income and expenses is presented. Consolidated statement of changes in equity for the six month period ended 30 June 2009 Share Share Retained Capital Premium Earnings �'000 �'000 �'000 Opening 153 5,293 (536) Result 114 Share based payments 29 Closing 153 5,293 (393) Consolidated balance sheet as at 30 June 2009 Unaudited Year ended Unaudited 30 Jun 09 31 Dec 08 30 Jun 08 �'000 �'000 �'000 restated Non-current assets Property, plant & Equipment 583 721 869 Customer related intangibles 133 174 76 Intangible assets 2,621 2,621 2,296 3,337 3,516 3,241 Current assets Inventories 1,601 1,825 1,659 Trade and other receivables 3,801 3,964 3,211 Current taxes 290 Cash and cash equivalents 431 1,139 5,402 6,220 6,299 Total assets 8,739 9,736 9,540 Current liabilities Bank overdrafts 261 Trade and other payables 3,061 4,392 3,885 Income taxes 434 3,322 4,392 4,319 Long term liabilities Trade and other payables 67 59 36 Deferred consideration 297 297 147 Deferred taxation 78 85 364 434 268 Total liabilities 3,686 4,826 4,587 Net assets 5,053 4,910 4,953 Share capital 153 153 153 Share premium 5,293 5,293 5,293 Retained earnings (393) (536) (493) 5,053 4,910 4,953 Consolidated cash flow statement for the six month period ended 30 June 2009 Unaudited Year ended Unaudited 6 month period 31 Dec 08 6 month period 30 Jun 09 30 Jun 08 �'000 �'000 �'000 Operating activities Profit for the period 114 107 157 Depreciation 164 343 171 Amortisation of intangible assets 41 95 42 Net finance income/(expense) 5 (2) (2) income tax charge/(credit) (78) (140) 25 Share based payment charges 29 44 37 Operating cash flow before 275 447 430 changes in working capital Movement in inventories 224 (69) 97 Movement in trade and other 163 1,129 1,882 receivables Movement in trade and other (1,308) (1,307) (1,811) payables Operating cash flow from (646) 200 598 operations Interest received 1 7 3 Interest paid (6) (5) (1) Income tax received/(paid) 0 (60) (32) Net cash flow from operating (651) 142 568 activities Investing activities Purchase of property, plant & (26) (122) (97) equipment Acquisition of trade and assets 0 (283) 0 Net cash flow from investing (26) (405) (97) activities Financing activities Net proceeds/(payments) of hire (15) 42 16 purchase contracts Net cash flow from financing (15) 42 16 activities Net decrease in cash and cash (692) (221) 487 equivalents Opening cash 431 652 652 Closing cash (261) 431 1,139 Responsibility statement The Board confirms that to the best of its knowledge : * The condensed set of financial statements has been prepared in accordance with IAS34 'Interim Financial Reporting' as adopted by the EU; * The interim report includes a fair review of the information required by : DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the six months ended 30 June 2009 and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the year; and DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the six months ended 30 June 2009 that have materially affected the financial position or performance of the entity during that period; The directors who served during the period are: Colin Cooke (Non-Executive Chairman) Keith Willis (Non-Executive Director) Barry Fielder (Non-Executive Director) Martin Varley (Chief Executive Officer) David Smith (Group Finance Director) Craig Slater (Chief Executive Officer) [Resigned 20 April 2009] Tim Sykes (Group Finance Director) [Resigned 20 April 2009] Notes to the half yearly financial information 1. Basis of preparation This consolidated half yearly financial information for the half year ended 30 June 2009 has been prepared in accordance with IAS 34, 'Interim financial reporting' as adopted by the European Union. The consolidated half yearly report was approved by the board of directors on 16 September 2009 The financial information contained in the interim report does not constitute statutory accounts and does not include all of the information and disclosures required for complete financial statements. Statutory accounts for the year ended 31 December 2008 have been filed with the Registrar of Companies. The auditors' report on those accounts was unqualified, did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report and did not contain a statement made under Section 498 (2) or (3) of the Companies Act 2006. There were no recognised gains or losses in the six month period ended 30 June 2009 other than the profit for the period and therefore no statement of recognised income and expenses is presented. The half year results for the current and comparative period are unaudited. Accounting policies The condensed, consolidated financial statements in this half-yearly financial report for the six months ended 30 June 2009 have been prepared using accounting policies and methods of computation consistent with those set out in the Annual Report and financial statements for the year ended 31 December 2008, except as described below. In preparing the condensed financial statements, management are required to make accounting assumptions and estimates. The assumptions and estimation methods were consistent with those applied to the Annual Report and financial statements for the year ended 31 December 2008. Presentation of financial statements IAS 1(revised) Presentation of financial statements is mandatory for the first time for the financial year beginning 1 January 2009. The standard requires that all owner changes in equity are presented in the consolidated statement of changes in equity and non-owner changes in equity to be presented in the consolidated statement of comprehensive income. The Group adopts this policy and there is no impact to the financial statements other than presentation. The Group has elected [to present one statement of comprehensive income/separate income statement and statement of comprehensive income]. Comparative information has been re-presented so that it is also in conformity with the revised standard. Operating segments IFRS 8 Operating segments is mandatory for the first time for the financial year beginning 1 January 2009. The standard requires that the segments should be reported on the same basis as the internal reporting information that is provided to the chief operating decision maker (CODM). The Group adopts this policy and the CODM has been identified as the Chief Executive Officer. The Chief Executive Officer considers there to be two operating segments, namely, promotional marketing and Information and exhibitions. Internal reports reviewed regularly by the CODM provide information to allow the chief operating decision-maker to allocate resources and make decisions about the operations. * Basic and diluted earnings per ordinary share The calculation of earnings per ordinary share is based on the profit or loss for the period divided by the weighted average number of equity voting shares in issue. Unaudited Unaudited Six month period Year ended Six month period ended ended 31 Dec 08 30 Jun 08 30 Jun 09 Earnings (�000) 114 107 157 Weighted average number of 38,203 38,203 38,203 shares ('000) Fully diluted weighted average 38,605 38,605 38,913 number of shares ('000) Fully diluted profit per 0.3p 0.3p 0.4p ordinary share (pence per share) ------------- ------------- ------------- This information is provided by RNS The company news service from the London Stock Exchange END IR SDFSASSUSEDU More
24-08-09	Altitude Group PLC - Result of AGM	RNS
RNS Number : 9018X Altitude Group PLC 24 August 2009 24 August 2009 Altitude Group plc ("Altitude", "the Company" or "the Group") RESULT OF ANNUAL GENERAL MEETING The Board of Altitude Group plc, a leading promotional products business, announces that, at the Company's Annual General Meeting ("AGM") held this morning at 10:00 am, at its offices in Byfleet, all the resolutions were duly passed. A copy of the AGM notice is available on the Company's website at www.altitudeplc.com. Enquiries: Altitude Group plc `Martin Varley, Chief Executive Officer Tel: 0870 224 6677` Daniel Stewart & Company plc `Simon Leathers / Charlotte Stranner Tel: 020 7776 6550` This information is provided by RNS The company news service from the London Stock Exchange END RAGUSUURKSRWUAR More
12-08-09	Altitude Group PLC - Director/PDMR Shareholding	RNS
RNS Number : 3010X Altitude Group PLC 12 August 2009 Altitude Group plc ("Altitude", "the Company" or "the Group") Director/PDMR Shareholding The Board of Altitude Group plc, a leading promotional products business, has been informed that, on 11 August 2009, a company and its wholly owned subsidiary in which Mr Colin Cooke, non Executive Chairman, has a beneficial interest of 40 per cent. bought 50,000 ordinary shares of 0.4p each ("Ordinary Shares") at 7p per share. Following this transaction, the company now has a total holding of 367,000 representing 0.96 per cent. of the total issued share capital. Following these transactions, Mr Colin Cooke now has a total beneficial holding in the Company of 463,000 Ordinary Shares representing approximately 1.2 per cent. of the issued share capital. Enquiries: Altitude Group plc `Martin Varley, Chief Executive Officer Tel: 0870 224 6677` Daniel Stewart & Company plc `Simon Leathers/Charlotte Stranner Tel: 020 7776 6550` This information is provided by RNS The company news service from the London Stock Exchange END RDSIIFITTDIFLIA More

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