Altitude rises on strong year-to-date performance

28th May 2014 13:13

Shares in Altitude jumped by a fifth after it revealed all of its businesses were performing ahead of expectations following what it described as a year of "significant change".The information and technology services group delivered a small rise in annual revenue, from £4.07m to £4.20m, although the cost of sales climbed from £0.82m to £0.99m and admin costs rose from £4.23m to £5.39m. Pre-tax profit climbed from £0.69m to £1.94m. Executive Chairman Stephen Yapp said: "The group has demonstrated its ability to adapt to significant change in 2013. These changes, together with a good cash position and the continued investment in our people alongside our product and technology offering, will enable the group to innovate and meet our customers' evolving needs."The year has started well with all businesses performing ahead of expectations and the board remains confident in the group's growth prospects."During the 12-month period, the group restructured its core geographical operations and defined resources to explore and develop new markets and opportunities for its existing technologies. It established a new management structure, invested in its core technology, improved the visibility of the long-term funding of the group, and strengthened resources to position itself for growth. Net cash at the year-end stood at £0.5m. The share price jumped 20% to 13.50p in early trade.NR