Altitude Group set for record year-end result

14th Feb 2023 12:01

(Sharecast News) - Altitude Group is set to exceed current market expectations for the current financial year ending in March, according to a trading update it released on Tuesday.

The AIM-traded company, which operates a marketplace for the global promotional products industry, said it had experienced continued robust trading thanks to the expansion of its services and merchanting programmes.

Its board said it expected revenue and EBITDA growth would continue through the rest of the 2023 calendar year, and into 2024.

In addition, Altitude said it had secured an increase in its working capital credit facility with TD Bank to $1.5m (£1.23m), which would provide it with non-dilutive funding to support the execution of its growth strategy.

The facility was currently undrawn, the board confirmed.

"Following a number of positive market updates earlier in the year, we are delighted with this continued progress and are expecting to achieve record year-end results," said chief executive officer Nichole Stella.

"In addition to our improved trading so far this year, we have invested in growing market share and have a reassuringly strong pipeline of opportunities.

"We look forward to updating the market further in the forthcoming months and to the next financial year with great enthusiasm."

At 1429 GMT, shares in Altitude Group were up 22.39% at 41p.

Reporting by Josh White for Sharecast.com.