Altitude(ALT) , a provider of technology and SaaS information services to the promotional products, print, and clothing industries, issued a brief trading update ahead of its HY24 results.

Revenue in H1 2024 is expected to exceed H1 2023 figures by over 50%, and adjusted operating profit is expected to grow by 40%. Strong performance in the Merchanting Division and consistent results in the Services Division are in line with the Board's expectations, boosting confidence in the company's short and long-term prospects.

As of September 2023, awarded contracts under its Adjacent Market Programmes (AMPs) have launched successfully across multiple US cities as outlined in the June trading update, with commercial trading underway. Altitude also added that the business development team remains active, maintaining a robust pipeline.

Altitude will release its HY24 results in November. 

Nikki Stella, CEO of Altitude plc, commented; “These results are a real testament to the incredible hard work and talent of the team assembled within the Group. On behalf of the Board I would like to thank them. We remain highly confident about the future of Altitude and look forward to further updating shareholders with our interim results in November."
 

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Altitude operates within the $28 billion promotional products industry, delivering in-industry SME’s around the globe with services, technology and marketing tools, as well as connecting them to its supplier partners.

Altitude had continued to see strength in its Merchanting division during the period. Following a period of heavy investment in FY23, Altitude grew the division by 82%, setting it up well as it moved into HY24. The division was further grown by the expansion of Altitude's Adjacent Market Programmes (AMPs), with awarded contracts launching successfully across the US in September. 

With the addition of AMPs to its business model, Altitude should be able to maintain or exceed its pace of growth for the remainder of FY24 and beyond. Brokers expect sales to grow 39% to £26.1m this year, and pre-tax profit to rise sharply to £1.3m, leaving the shares trading on a forecast PE ratio of 22.6x. 

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