REG - Altitude Group PLC - Audited Annual Results and Notice of AGM
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RNS Number : 3192U Altitude Group PLC 07 August 2025
Altitude Group plc
("Altitude", the "Company" or the "Group")
Audited Annual Results for the Year Ended 31 March 2025 and Notice of Annual
General Meeting
MAINTAINING TRACTION AND CONSOLIDATING PRESENCE IN KEY MARKET SECTORS
Financial Highlights*
· The Group presents its financial statements in US dollars for the
first time*
· Group revenues increased by $7.1 million to $37.3 million, up
23.5% (2024: $30.2 million)
· Gross profit increased 8.6% by $1.2 million to $14.2
million (2024: $13.0 million)
· Group adjusted operating profit** grew by 20.7% to $3.7
million (2024: $3.0 million)
· Basic earnings per share increased by 32.3% to 1.64c (2024:
1.24c)
· Adjusted basic earnings per share*** increased by 10.9% to 2.24c
(restated 2024: 2.02c)
· Cash inflow from operating activities decreased by $0.7 million
to $2.0 million (2024: inflow $2.7m) reflecting investment of net working
capital into new contracts and increased ACS trading
· Cash of $0.7 million (2024: $1.5 million) following increased
levels of investment for growth
· The Group is currently securing an increase in its total
financing facilities to support working capital fluctuations and future
substantial growth in Merchanting. The current main facility remains $3
million and is undrawn at the year end (2024: undrawn)
*Comparatives have been restated in USD following the Group's change in
presentation currency in FY25
** Operating profit before share-based payment charges, amortisation of
intangible assets, depreciation of tangible assets and exceptional charges
*** Basic Earnings per share before taxation, exceptional charges,
amortisation on acquired intangibles and share based payments. The definition
has been restated to before taxation to remove mainly noncash deferred
taxation volatility
Key corporate developments and operational highlights
· The Group enjoyed another record year, registering double digit
growth. The broader promotional products industry reported between 1.8% and
2.63% growth
· The Group's investment in Merchanting growth is the significant
growth driver as the Group continues to increase market share in these
activities. The Services division contracted by 3.4% in a difficult year for
smaller distributors in the industry
· The US delivered adjusted operating profit growth before central
costs of 11.7% reaching $5.4 million (2024: $4.8 million)
· The Group's collegiate Gear Shop solution, UGS, continued to
expand with 9 newly awarded contracts onboarding during last summer and
continues to have a strong pipeline of opportunities this financial year
· UGS has 29 University programmes across 46 campus locations, with
an estimated total lifetime contract value of c.$83 million (2024: $45
million) and annualised average expected revenues of $17 million (2024: 19
contracts of $9 million)
· ACS continued to add significant revenue, with annualised
expected revenue growth of 22% to $22 million (2024: $18 million) driven by
increased recruitment
· US AIM membership held steady at 2,283 members (2024: 2,259),
though up from 1,917 at acquisition, consolidating its position as one of the
largest and strongest distributor organisations, recently being reported as
the 17(th) top distributor by the industry trade association PPAI
Please note that percentages are calculated based on unrounded numbers as
reported in the primary statements.
Notice of Annual General meeting ("AGM")
The Company also gives notice that its AGM will be held at the offices of
Zeus, 2 Stratford Place, London, W1C 1AS on 25 September 2025 at 12:30 p.m.
The Notice of AGM and the Annual Report for the year ended 31 March 2025 will
be posted to shareholders and will be available on the Group's website
(https://www.altitudeplc.com/reports-results
(https://www.altitudeplc.com/reports-results) ) in due course.
Alexander Brennan, Executive Chairman of Altitude, said:
"Current trading remains in line with expectations, and the Board is excited
by the opportunity ahead for the Group. Altitude has a clear focus on
profitable growth in FY26, empowered by a motivated and knowledgeable senior
leadership team that have the skills determination and dedication to deliver
long term sustainable value for shareholders. With a disciplined approach to
capital allocation, we are confident of translating our innovative market
leading technology into substantial shareholder value."
For enquiries, please contact:
Altitude Group plc Via Zeus
Alexander Brennan, Executive Chair
Deborah Wilkinson, Chief Operating Officer
Zeus (Nominated Adviser & Broker) Tel: 0203 829 5000
Dan Bate / James Edis (Investment Banking)
Dominic King (Corporate Broking)
Executive Chairman's Statement
It is a privilege to present my first annual statement since stepping into the
Chairman role on 6 March 2025 and into an executive capacity on 15 July
2025. Altitude operates in the largest promotional‑products market in the
world and, by reporting in US dollars for the first time, we align our
financial lens with where more than three‑quarters of our revenues are
earned. I am pleased to report that the Group ended the year at the higher end
of market guidance provided on 31 March this year for revenue and adjusted
operating profit and delivered adjusted operating profit broadly in line with
earlier market expectations.
As Executive Chairman, my day‑to‑day focus is to provide counsel and
challenge to the leadership team, maintain an open dialogue with investors and
other stakeholders, and ensure that the Board's governance framework
translates into disciplined execution. Operational responsibility remains
squarely with our experienced management team, led by Chief Operating Officer
Deborah Wilkinson, whose role has been expanded following recent Board
changes.
Governance and Board Changes
FY25 was marked by significant governance changes: David Smith's term as
Non‑Executive Chairman concluded on 6 March 2025; Graham Feltham
concluded his tenure as Chief Financial Officer on 17 June 2025 and is
supporting an orderly transition; and Nichole Stella's service as Chief
Executive Officer ended on 15 July 2025 after nearly seven years.
Following a rigorous review process, the Board announced on 23 June 2025
the appointment of Drew Whibley as Chief Financial Officer. Drew will join
Altitude on 22 September 2025, when he will also join the Board. Deborah
now directly manages the US senior leadership team on a day-to-day basis
supported by myself in an executive capacity and our two highly experienced
non-executive directors. We have also commenced a process to appoint an
additional independent non-executive director to further enhance and
strengthen our Board. The changes provide an opportunity to foster an open
culture, broaden executive empowerment and sharpen accountability.
FY25 Performance Highlights
Group revenue increased 23.5% to $37.3 million (FY24: $30.2 million).
Gross profit grew 8.6% to $14.2 million (FY24: $13.0 million) and
adjusted operating profit advanced 20.7% to $3.7 million
(FY24: $3.0 million).
Basic earnings per share were 1.64c (FY24: 1.24c) an increase of 32.3%,
whilst adjusted* EPS rose by 10.9% to 2.24c (FY24: 2.02c). We generated
$2.0 million of operating cash flow (FY24: $2.7 million), reflecting
underlying earnings growth but also a $1.2 million increase in net working
capital, principally inventory and receivables, supporting the expansion of
UGS and ACS.
We closed the year with $0.7 million net cash (FY24: $1.5 million) and an
undrawn $3.0 million revolving credit facility (FY24: $3.0 million).
Divisional Performance
· AIM Services remained the Group's cash generator, delivering a robust
87.6% gross margin while US membership held steady to 2,283 distributors
(FY24: 2,259).
· University Gear Shops ("UGS") now spans 29 programmes (FY24: 19)
across 46 campus locations (FY24: 22), generating an annualised run‑rate
revenue of about $17 million (FY24: $9 million). The contracted lifetime
value of the current UGS portfolio is approximately $83 million
(FY24: $45 million), providing multi‑year revenue visibility. We will
selectively pursue additional contracts within a disciplined
capital‑allocation framework, ensuring each opportunity meets our financial
hurdle rates and offers attractive risk‑adjusted returns.
· AIM Capital Solutions ("ACS") grew affiliate‑driven revenues by 22%
to an annualised $22 million. Credit exposure remains within
Board‑approved limits and growth converts into sustainable profit.
Strategic priorities for FY26
Margin accretion and cash generation will receive greater prominence,
supported by minimum free‑cash‑flow targets and a rigorous process for
prioritising and allocating capitalised software investment.
We are embedding the decentralised operating model launched at our July 2025
strategy workshop in Dallas, empowering our experienced US senior leadership
teams to make faster customer‑facing decisions while preserving prudent
oversight.
Technology investment will focus on AI‑enabled enhancements to the AIM Tech
Suite-such as deep customer insights to deliver value to our supply partners
as well as enhancements to the user experience for our 2,500 strong
distributor members that collectively control millions of orders a year. We
see substantial opportunity to help members become more efficient while
deepening relationship with our data partners, all innovation has the customer
experience at the centre of the initiative to further cement the customer
loyalty that we enjoy.
Profitable and cash generative growth will be the priority and we will pursue
opportunities within a disciplined capital‑allocation framework that seeks
attractive risk‑adjusted returns.
Shareholder value
Management intends to balance investment in growth with cash retention and to
communicate clear margin targets to the market. A critical review of capital
expenditure, software development intensity and working‑capital disciplines
is already in train. Whilst we cannot influence the structural challenges
facing UK small‑cap equities, we hope that a renewed focus on profitable
growth and cash conversion will help investors better appreciate the potential
and value inherent in Altitude
Outlook
Current trading remains in line with expectations, and the Board is excited
by the opportunity ahead for the Group. Altitude has a clear focus on
profitable growth in FY26, empowered by a motivated and knowledgeable senior
leadership team that have the skills determination and dedication to deliver
long term sustainable value for shareholders. With a disciplined approach to
capital allocation, we are confident of translating our innovative market
leading technology into substantial shareholder value.
Alexander Brennan
Executive Chairman
6(th) August 2025
Chief Operating Officer's Report
Overview
FY25, the year ended 31 March 2025, was one of rapid expansion,
operational resilience and organisational change. My remit broadened
on 15 July 2025 to encompass a wider number of reports across all
business activities, providing an opportunity to embed a decentralised
structure that brings decision‑making closer to our customers while
maintaining rigorous oversight. The performance commentary that follows
therefore relates to FY25, with forward‑looking priorities highlighted
separately.
Operating Performance
The core AIM business processed 1.8 million orders, an increase of 24% on
the prior year, and maintained 97% on‑time fulfilment with the average
order‑cycle time improving by three hours to 32 hours. These metrics
reflect both the scalability of our platform and the dedication of our
fulfilment teams.
Technology & Innovation
We invested $1.7 million in software development during the year, completing
ERP deployments across our ACS and UGS channels and launching the first wave
of AI‑enabled tools for demand forecasting, dynamic pricing and automated
artwork generation.
These enhancements have already reduced manual order‑touches by 19% within
AIM Services and provided actionable data insights to every manager. Looking
ahead, we have prioritised the next wave of AI initiatives-particularly those
that strengthen our core AIM business-so that members can leverage predictive
intelligence and workflow automation to drive profitable growth.
Divisional highlights
· AIM Services generated $9.2 million gross profit
(FY24: $9.9 million) at an 87.6% gross margin (FY24: 90.5%). Global
distributor membership held steady at 2,507 members (2024: 2,509).
· UGS expanded to 29 University programmes (FY24: 19) across 46
campus locations (FY24: 22). Annualised average run‑rate revenue rose 89%
to $17 million (FY24: $9 million) and estimated contracted lifetime
value rose to approximately $83 million (FY24: $45 million).
· ACS lifted annualised revenue run rate 22% to $22 million
(FY24: $18 million). Credit exposure remains within Board‑approved
limits.
FY26 Operational priorities
Our focus for the year ahead is clear:
- Complete the ACS system migration and embed credit‑risk dashboards that
provide daily visibility to management.
- Drive inventory turns and working‑capital efficiency in UGS, targeting a
15 % reduction in average stock days.
- Extend our AI roadmap to cover predictive customer segmentation and further
automation of artwork preparation.
- Deliver the first phase of our ESG roadmap, establishing a
carbon‑footprint baseline and rolling out accessibility upgrades across all
digital properties.
Deborah Wilkinson
Chief Operating Officer
6(th) August 2025
Financial review
Change in Presentation Currency
In FY25, the Group changed its presentation currency from pounds sterling
(GBP) to US dollars (USD). This change reflects the Group's increasingly
US-centric operations and facility. This increases visibility and transparency
with significantly reduced translation variances. Accordingly, comparative
financial information for FY24 has been restated as if USD had always been the
presentation currency. Further details are provided in Note 1 to the financial
statements.
Financial Results
2024 was a year of resilience within the Promotional Products industry,
resulting in an overall modest expansion of between 1.83% and 2.63%, albeit
below inflation (Source: PPAI). Small distributors appear to have held steady
at best whilst mid-range and very large distributors have shown growth.
In 2025 the change in the US administration resulted in an increase in
economic uncertainty, largely driven by the well publicised uncertainty over
tariffs and the potential for retaliatory action. This has stabilised over
recent months with suppliers and distributors managing strategic sourcing
opportunities and price increases carefully against the impact of increased
but manageable tariffs on promotional products imported into the US.
Our Service revenue has contracted by 3.4% ($0.4 million) to $10.5 million.
This was driven by pressure on transaction fees as a direct consequence of
market uncertainty, though this has been partially offset by growth across the
majority of the VIP supplier cohort. Subscription revenues have been stable.
The business is planning to reinvigorate Services revenue through a number of
IT initiatives to provide greater market insights and search and listing
capabilities to our members and VIP suppliers.
The Merchanting Division has grown from further expansion in our ACS sales
network with year-end expected annualised run-rate revenues growing by 22%
(2024: 32%) to $22 million (2024: $18 million). Affiliate recruitment has
driven 22% (2024: 18%) growth. Like for like performance for existing
affiliates was aligned with the market.
The collegiate market remains buoyant, and the Group has won a number of new
UGS contracts from the recent round of RFP's and bids which were duly notified
to the market. The Group continues to hone its UGS appraisal model and RFP
processes and expects to continue to bid within strict criteria.
UGS contract progress
31 March 31 March 31 March 31 March 31 August
2022 2023 2024 2025 2025
Expected
Opening live contracts* - 1 5 16 20
Exited in year - - (2) (3) -
Opened in year 1 4 13 7 9
Closing live contracts 1 5 16 20 29
Award notified as at period end - 12 6 8 -
Live and awarded 1 17 22 28 29
*Live contracts with stores operating
Our UGS Programme has seen underlying revenue growth of 40% (2024: 600%),
currently with a portfolio of existing and awarded 29 (2024: 19) contracts of
over $17 million (2024: $9 million) in expected average annualised revenues
over the life of the portfolio of contracts. In FY25 we have gone live with 7
contracts (2024: 13), exited 3 contracts (2024: 2) and were awarded 8 new
contracts (2024: 6) with an additional award of a contract in FY26. One of
the recent awarded contracts has an annualised expected average revenue of at
least $4.0 million across multiple locations over an initial 5-year term; with
an option to renew for a further year. This award represents the largest
contract won since the launch of UGS.
Operational gearing remains a key consideration as we grow and scale the
Merchanting division. Over the past 12 months, the Group has invested in new
systems, including the launch of ERP solutions tailored to both our UGS and
ACS models. ACS delivers strong revenue growth at low margin, making
profitability highly sensitive to overhead increases. As such, process
efficiency and rigorous cost control are critical to maximising profit
realisation. In UGS, we evaluate the expected returns on each contract and
strive to maximise the return on investment from the high-performing support
team, whilst ensuring the team is well-equipped to drive continued growth.
Across the Merchanting division, we have executed transformational changes
that have improved processes and controls, laying the foundation for
sustainable scalability.
Year ended Year ended Impact of currency translation Underlying change Total change
31 March 31 March
2025 2024
$'000 $'000
Group Group Group Group Group Group Group
Turnover
Services 10,547 10,919 23 (395) -3.6% (372) -3.4%
Merchanting 26,710 19,249 - 7,461 38.8% 7,461 38.8%
Total 37,257 30,168 23 7,066 23.4% 7,089 23.5%
Gross Profit
Services 9,243 9,879 20 (656) -6.6% (636) -6.4%
Merchanting 4,918 3,156 - 1,762 55.8% 1,762 55.8%
Total 14,161 13,035 20 1,106 8.5% 1,126 8.6%
Gross Profit Margin
Services 87.6% 90.5%
Merchanting 18.4% 16.4%
Total 38.0% 43.2%
Gross profit has increased by $1.1 million, an underlying increase of 8.5%
(2024: 25.1%), to $14.2 million (2024: $13.0 million).
Overall gross margin declined to 38.0% (FY24: 43.2%), primarily due to a
changing business mix, with Merchanting contributing a greater proportion of
total revenue relative to Services. As noted, a modest decline in Supplier
Revenues negatively impacted Services margin performance together with an
additional upsell to members in virtual assistance albeit at a lower margin.
The ACS business continued to scale effectively, delivering strong sales
growth at a consistent level of margin. UGS delivered improved margins during
the year, contributing to a 2.0% uplift in overall Merchanting margin.
Administration expenses before share-based payments, amortisation of
intangible assets, depreciation of tangible assets and exceptional charges of
$10.5 million (2024: $10.0 million) an increase of $0.5 million. This increase
has been driven from sales activity, the roll out and delivery of the new UGS
contracts including contracting costs and additional store employees of $0.7
million, offset by a reduction in incentives and other cost saving initiatives
of $0.5 million. Inflationary wage rises and costs increases amounted to
c.$0.2 million.
Adjusted operating profit* increased by 20.7% to $3.7 million (2024: $3.0
million). The statutory profit before taxation increased to $0.4 million
(2024: $nil), whilst the adjusted profit*** before taxation increased by $0.2
million to $1.6 million (2024: $1.4 million).
Exceptional costs
The Group incurred exceptional costs of $0.4 million (2024: $0.4 million)
relating to dilapidations arising from the exit of a UK lease, a data cleanse
project related to the ERP implementation and project related legal and
professional fees.
Development
The Group capitalised $1.7 million of software development (2024: $1.6
million). The commitment to investing in our technology is underpinned by our
spend and our close relationship with our Affiliates and Members in driving
customer focused improvements. Included within internally generated
development is $0.3 million (2024: $0.3 million) related to two ERP system
implementations for our UGS and ACS businesses.
Earnings per share
Basic earnings per share was 1.64c (2024: 1.22c), an increase of 32.3% from an
improved trading position and a slightly reduced tax credit recognised in the
year. Adjusted basic earnings per share** was 2.24c (2024 restated: 2.02c),
representing an increase of 10.9%.
The calculation for adjusted earnings per share has been amended to better
reflect the underlying performance of the business on a per share basis by
adjusting taxation to reduce the mainly noncash taxation volatility. The Group
has now moved from losses to profits for taxation purposes necessarily
requiring recognition of deferred tax assets and liabilities, which can skew
reported Basic and Diluted EPS.
Taxation
The Group is carrying a deferred taxation asset of $2.0 million (2024: $0.8
million) reflecting an increased likelihood of the utilisation of tax losses
carried forward. Similarly, a deferred tax liability was also recognised in
the year relating to the timing differences on the software development
intangible.
Based on future forecasts the Directors believe the Group will be able to
fully utilise the deferred tax asset within the next four years. The Group was
again successful in its application for the R&D tax credit resulting in a
profit and loss tax credit of $0.1 million (2024: $0.1 million).
Cash flow
Operating cash inflow before changes in working capital was $3.7 million
(2024: $3.0 million). Working capital investment produced an outflow of $1.4
million (2024: $0.2 million), mainly resulting from an increase in UGS store
inventory from the onboarding of new contracts. In addition, an increase in
ACS trading activity increased trade receivables in the final quarter.
The resulting net cash flow from operating activities decreased by $0.7
million to $2.0 million (2024: $2.7 million inflow). Net cash outflow from
investing activities of $2.4 million (2024: $2.3 million outflow) is mainly
represented by our software development spend, investments in our retail
operations and system changes. Financing activities included the repayment of
finance agreements and interest of $0.4 million (2024: $0.3 million). Total
net cash outflow was $0.8 million (2024: $0.1 million inflow). The year-end
cash balance stood at $0.7 million (2024: $1.5 million) with no debt at the
balance sheet date.
Treasury
The Group continues to manage the cash position to meet the operational needs
of the businesses and has rolled forward the main credit facility (the
"Facility") with TD Bank N.A., of $3.0 million (2024: $3.0 million) to
January 2025 with a view to realigning the renewal date towards the mid or
latter part of the calendar year. The Facility has no significant financial
covenants, and is secured by the assets of the US Group with a parent
guarantee from Altitude Group PLC.
The Facility will provide access to non-dilutive funding to support the Group
in executing its growth strategy. The Facility has a small annual arrangement
fee and incurs interest at 1% above the US Prime Rate on drawdown. This
Facility remains undrawn at the year end. The Group is in the final stages of
securing an increase in the main facility and supplemented by an additional
uncommitted facility.
Share capital
The number of shares increased by 1,334,000 to 72,469,730 (2024:
71,135,730). All of the shares issued in the period were in respect of share
option awards.
The Company issued share options to senior management of 2,593,000 (2024:
nil). During the year the number of share options exercised were 1,334,000
(2024: nil) with the number of share options and warrants lapsed being 315,001
(2024: 1,636,000). The total number of share options outstanding at the
year-end is 5,625,446 (2024: 4,741,447).
Key performance indicators
The Group's key performance indicators as discussed above are:
Year ended Year ended Impact of currency translation Underlying change Total change
31 March 31 March
2025 2024
$'000 $'000
Revenue 37,257 30,168 23 7,066 23.4% 7,089 23.5%
Gross profit 14,161 13,035 20 1,106 8.5% 1,126 8.6%
Gross margin 38% 43%
Adjusted operating profit* 3,652 3,025 1 626 20.7% 627 20.7%
Adjusted profit before tax*** 1,617 1,437 11 169 11.7% 180 12.5%
Statutory profit/(loss) before tax 421 (5) 1 425 - 426 -
Other KPI definitions used in the report
"Annualised expected revenue" is used in the context of ACS annualised revenue
expectations. When a potential affiliate goes through an extensive vetting
process with the team prior to signing their contract the annual expected
sales levels are identified and selling commissions are agreed upon based on
these levels. The expected level of sales generated is then measured against
the actual performance of the affiliate and updated annually according to
experienced performance, adjusting for one off large orders and other
influencing factors. As the sales are usually non-contractual then they are
called "expected".
"Annualised expected average revenue" is used in the context of UGS contracts.
On tendering for a contract during the Request for Proposal ("RFP") the
institution will usually release revenue histories which form a basis for the
tender process. Management will adopt the RFP revenue as the expected contract
size as a standard measure. It is usually expected that the year 1 revenues
generated will be under the expected and that at some point during a 5 year
contract the revenues may exceed the original view therefore management call
the expected annualised sales as "average". The realised revenue on a contract
may vary year to year and management will only amend the key performance
indicator if material and structural change occurs in the contract assumption.
Liquidity
The Group remains debt free as at the year end with a cash balance of $0.7
million.
As disclosed above we are finalising the extension of our facility which has
supported the growth in Merchanting and was utilised during the year to manage
the peaks and troughs in our working capital cycle.
*Adjusted operating profit is before share-based payment charges, amortisation
of intangible assets, depreciation of tangible assets and exceptional charges
is a consistently used measure used to show the performance of the revenue
generating activities and the related costs involved in the delivery of the
revenue for the current year
** Basic adjusted earnings per share is calculated using profit after tax but
before share-based payment charges, amortisation of acquired intangible assets
and exceptional charges and the weighted average number of equity voting
shares in issue and, when relevant, in respect of diluted earnings per share
includes the effect of share options that could potentially dilute basic
earnings per share. This provides a consistent metric with the Income
Statement for underlying performance
***Adjusted profit before tax is profit before tax adjusted for share based
charges, exceptional costs and amortisation on acquired intangibles. This
metric is to review the performance of the underlying business including the
depreciation for development costs.
Alexander Brennan
Executive Chairman
6(th) August 2025
Consolidated Statement of Comprehensive Income
for the year ended 31 March 2025
*restated
Year to Year to
31 March 31 March
Notes 2025 2024
$'000 $'000
Revenue 2 37,257 30,168
Cost of sales (23,096) (17,133)
Gross profit 14,161 13,035
Administrative expenses before share-based payment charges, depreciation, (10,509) (10,010)
amortisation, and exceptional charges
Operating profit before share-based payment charges, depreciation, 3,652 3,025
amortisation, and exceptional charges
Share-based payment charges (600) (889)
Depreciation and Amortisation (2,077) (1,666)
Exceptional charges 3 (414) (370)
Total administrative expenses (13,600) (12,935)
Operating profit 561 100
Finance charges (140) (105)
Profit/(loss) before taxation 421 (5)
Taxation 765 882
Profit attributable to operations 1,186 877
Other comprehensive income:
Items that may be reclassified subsequently to profit and loss:
Foreign exchange differences (16) (710)
Total comprehensive income for the year 1,170 167
Earnings per ordinary share attributable to the equity shareholders of the
Company:
- Basic (pence) 4 1.28p 0.98p
- Diluted (pence) 4 1.27p 0.96p
- Basic (cents) 4 1.64c 1.24c
- Diluted (cents) 4 1.62c 1.21c
' *the reporting currency of the Group was changed from sterling to US
dollars. The results for the year ended 31 March 2024 have been restated in US
dollars. (Note 1)
Consolidated Statement of Changes in Equity
for the year ended 31 March 2025
Share Share Retained Foreign exchange translation Total
capital premium losses reserve equity
$'000 $'000 $'000 $'000 $'000
Group
At 31 March 2023 *restated 449 29,120 (14,548) 20 15,041
Adjustment on change in presentational currency (2,637) (2,637)
Profit for the period - - 877 - 877
Foreign exchange differences - - - (710) (710)
Total comprehensive income - - 877 (710) 167
Transactions with owners recorded directly in equity
Share-based payment charge - - 889 - 889
Shares issued 2 - (2) - -
Total transactions with owners 2 - 887 - 889
At 31 March 2024 *restated 451 29,120 (12,784) (3,327) 13,460
Profit for the period - - 1,186 - 1,186
Foreign exchange differences - - - (16) (16)
Total comprehensive income - - 1,186 (16) 1,170
Transactions with owners recorded directly in equity
Share-based payment charge - - 600 - 600
Shares issued 6 - (6) - -
Total transactions with owners 6 - 594 - 600
At 31 March 2025 457 29,120 (11,004) (3,343) 15,230
*the reporting currency of the Group was changed from sterling to US dollars.
The results for the year ended 31 March 2024 have been restated in US dollars.
(Note 1)
Consolidated Balance Sheet
as at 31 March 2025
For the year ended 31 March 2025 *restated
As at As at
31 March 31 March
2025 2024
Notes $'000 $'000
Non-current assets
Goodwill 3,650 3,638
Intangible assets 4,322 3,900
Property, plant and equipment 586 412
Right of use assets 155 341
Deferred tax assets 2,044 843
Total non-current assets 10,757 9,134
Current assets
Inventory 2,506 1,318
Trade and other receivables 7,725 6,164
Corporation Tax Receivable 86 144
Cash and cash equivalents 676 1,541
Total current assets 10,993 9,167
Total assets 21,750 18,301
Liabilities
Current liabilities
Trade and other payables (5,980) (4,599)
(5,980) (4,599)
Net current assets 5,013 4,568
Non-current liabilities
Deferred tax liabilities (490) -
Lease liabilities (50) (242)
(540) (242)
Total liabilities (6,520) (4,841)
Net assets 15,230 13,460
Equity attributable to equity holders of the Company
Share capital 457 451
Share premium account 29,120 29,120
Retained losses and foreign exchange (14,347) (16,111)
Total equity 15,230 13,460
*the reporting currency of the Group was changed from sterling to US dollars.
The results for the year ended 31 March 2024 have been restated in US dollars.
(Note 1)
Consolidated Cash Flow Statement
for the year ended 31 March 2025
Year to Year to
31 March 31 March
2025 2024
$'000 $'000
Operating profit 561 100
Amortisation of intangible assets 1,701 1,346
Depreciation 376 320
Share-based payment charges 600 889
Loss on disposal of fixed assets 15 -
Loss on disposal of intangible assets 41 -
Exceptional items 414 370
Operating cash flow before changes in working capital and exceptionals 3,708 3,025
Movement in inventory (1,188) (872)
Movement in trade and other receivables (1,708) 461
Movement in trade and other payables 1,497 243
Changes in working capital (1,399) (168)
Net cash flow from operating activities before exceptional items 2,309 2,857
Exceptional items (414) (329)
Net cash flow from operating activities after exceptional items 1,895 2,528
Income tax received 129 153
Net cash flow from operating activities 2,024 2,681
Cash flows from investing activities
Purchase of tangible assets (426) (281)
Purchase of intangible assets (2,095) (1,978)
Proceeds of disposal of trade and assets 73 -
Net cash flow from investing activities (2,448) (2,259)
Cash flows from financing activities
Repayment of lease borrowings (243) (224)
Lease interest paid (22) (36)
Other interest paid (121) (63)
Net cash flow from financing activities (386) (323)
Net (decrease)/increase in cash and cash equivalents (810) 99
Cash and cash equivalents at the beginning of the period 1,541 1,474
Effect of foreign exchange rate changes on cash and cash equivalents (55) (32)
Net (decrease)/increase in cash and cash equivalents (810) 99
Cash and cash equivalents at the end of the period 676 1,541
*the reporting currency of the Group was changed from sterling to US dollars.
The results for the year ended 31 March 2024 have been restated in US dollars.
(Note 1)
Notes to the Consolidated Financial Statements
1. Accounting policies
The financial information in this preliminary announcement has been extracted
from the audited Group Financial Statements for the year ended 31 March 2025
and does not constitute statutory accounts within the meaning of section 434
of the Companies Act 2006.
The Group Financial Statements for 2024 were delivered to the registrar of
companies, and those for 2025 will be delivered in due course. The auditor's
report on the Group Financial Statements for 2024 and 2025 were both
unqualified and unmodified. The auditors' report was signed on 6 August 2025.
The Group Financial Statements and this preliminary announcement were approved
by the Board of Directors on 6 August 2025.
The audited accounts will be posted to all shareholders and will be available
on the Group's website (https://www.altitudeplc.com/reports-results
(https://www.altitudeplc.com/reports-results) ) in due course.
Basis of preparation
The group financial statements have been prepared in accordance with UK
adopted International Accounting Standards. The Company financial statements
have been prepared under FRS 101.
Both financial statements have been prepared on the historical cost basis,
with the exception of certain items which are measured at fair value as
disclosed in the accounting policies set out below. The financial information
is presented in US Dollars (USD) and has been rounded to the nearest thousand
($000). See below for further detail on this change.
The preparation of financial statements in conformity with IFRSs requires
management to make judgements, estimates and assumptions that affect the
application of policies and reported amounts of assets and liabilities, income
and expenses. The estimates and associated assumptions are based on historical
experience and various other factors that are believed to be reasonable under
the circumstances, the results of which form the basis of making the
judgements about carrying values of assets and liabilities that are not
readily apparent from other sources of information. Actual results may differ
from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognised in the period in which the
estimate is revised if the revision affects only that period, or in the period
of the revision and future periods if the revision affects both current and
future periods.
New standards impacting the Group that are not yet effective and have not been
adopted in the annual financial statements for the year ended 31 March 2025
are:
· Classification and Measurement of Financial Instruments (Amendments
to IFRS 9 and IFRS 7)
· Annual Improvements to IFRS Accounting Standards (Amendments to IFRS
1, IFRS7, IFRS 9, IFRS 10 and IAS 7)
· Lack of Exchangeability (Amendments to IAS 21)
· Presentation and Disclosure in Financial Statements (IFRS 18)
These new standards, interpretations and amendments will be adopted in the
financial statements as and when they are applicable and adoption of these new
standards, interpretations and amendments, will be reviewed for their impact
on the financial statements prior to their initial application but are not
currently expected to have a material impact.
The following material accounting policies have been applied consistently to
all periods presented in these Group financial statements:
Going concern
The financial statements have been prepared on a going concern basis.
The Group is following a strong growth trajectory and has remained resilient
over the past 18 months of macroeconomic turbulence. The first half of 2025
has shown encouraging signs of stabilisation, including easing inflation,
falling interest rates, and a general calming of market volatility. While
there was a temporary period of disruption in April 2025 following the U.S.
administration's announcement of new tariffs-posing potential headwinds for
the promotional products industry-markets have since stabilised, and industry
sentiment has improved. These industry dynamics are relevant to both our
Services division, which generates revenue as a percentage of supply-side
throughput in the promotional products sector, and our affiliate merchanting
model, where broader supplier performance influences revenue generation. Our
Gear Shop platform provides a valuable diversification of revenue streams,
though it is also subject to some of the same supply chain challenges faced
across the sector. The potential impact of recently enacted U.S. tax reforms
remains uncertain and currently limited by treaty protections and will be
continued to be monitored for any material effect on the Group's U.S.
operations and cross-border arrangements. Notwithstanding these factors, the
Group is well-positioned, with a diversified business model and strong
operational discipline that support its ongoing resilience.
The Board is confident that the Group has sufficient liquidity to manage the
growth of the company and can flex on overhead spend should any part of the
business underperform against our expectations. The financial statements have
therefore been prepared on a going concern basis. The directors have taken
steps to ensure that they believe the going concern basis of preparation
remains appropriate. The key conditions are summarised below:
· The Directors have prepared cash flow forecasts extending to July
2026. The cash flow forecasts include different scenarios, mid and low, which
are sensitised.
· The low case scenario assumes reduced revenue from the UGS pipeline
contract wins and a slower rate of affiliate recruitment in ACS compared to
the mid-case. It has also been further sensitised to include severe but
plausible assumptions that supplier revenue growth remains at the lower levels
experienced in 2024. These assumptions have been reviewed in the context of
facility headroom, with no issues identified. The forecasts assume regular
collections and payments in line with the normalised conditions experienced
with detailed modelling of growth cash outflows included.
· The low and sensitised cash flow forecasts do not include any
mitigating factors available to management in terms of:
· discontinuing the development of AIM Capital Services to release
working capital
· reduced tendering activities for Gear Shops to avoid investment in
working capital, fit out and set up costs along with exiting contracts to
recover inventory value
· reactionary cost reduction programmes in respect of headcount and
organisation
· securing new working capital facilities in respect of any growth of
Merchanting business outside of the sensitised forecast.
· The Group maintains the distributor membership and preferred
suppliers throughout the forecast period.
· The Group continues to develop the product offerings to meet the
demands of the market and customers.
· The Directors have considered the position of the individual trading
companies in the Group to ensure that these companies are also able to
continue to meet their obligations as they fall due.
· There are not believed to be any contingent liabilities which could
result in a significant impact on the business if they were to crystallise.
· The Group requires the renewal of the facility and is comfortable
that similar terms could be obtained from an alternate provider.
Based on the above indications and assumptions, the Directors believe that it
remains appropriate to prepare the financial statements on a going concern
basis.
Basis of consolidation
The consolidated financial statements incorporate the financial statements of
the Company and the entities controlled by the Company (its subsidiaries) made
up to 31 March each period. Control is achieved when the Company:
· has the power over the investee
· is exposed, or has rights, to variable return from its involvement
with the investee and
· has the ability to use its power to affect returns
The Company reassesses whether or not it controls an investee if facts and
circumstances indicate that there are changes to one or more of the three
elements above. Consolidation of a subsidiary begins when the Company obtains
control over the subsidiary and ceases when the Company loses control over the
subsidiary.
The acquisition method of accounting is used to account for the acquisition of
subsidiaries by the Group. The cost of an acquisition is measured as the fair
value of the assets given, equity instruments issued, and liabilities incurred
or assumed at the date of exchange. Identifiable assets acquired and
liabilities and contingent liabilities assumed in a business combination are
measured initially at their fair values at the acquisition date, irrespective
of the extent of any minority interest. The excess of the cost of acquisition
over the fair value of the Group's share of the identifiable net assets
acquired is recorded as goodwill. If the cost of acquisition is less than the
fair value of net assets of the subsidiary acquired, the difference is
recognised directly in the Consolidated Statement of Comprehensive Income.
All intra-group balances and transactions, including unrealised profits
arising from intra-group transactions, are eliminated fully on consolidation.
Change in Presentation Currency
Effective from the financial year ended 31 March 2025, the Group changed its
presentation currency from pounds sterling (GBP) to US dollars (USD). The
change was made to better reflect the Group's current operational footprint
and primary economic environment, particularly the increasing proportion of
revenues and earnings generated in USD.
In accordance with IAS 21 The Effects of Changes in Foreign Exchange Rates,
the change in presentation currency has been applied retrospectively.
Comparative information for the year ended 31 March 2024 has been restated as
if USD had always been the Group's presentation currency.
The following translation methodology was applied to restate prior year
comparatives:
· Assets and liabilities were translated at the GBP/USD closing
exchange rate of 1.2625 as at 31 March 2024 and of 1.2368 as at 31 March 2023.
· Income and expenses were translated at the average exchange rate
for the year ended 31 March 2024 at 1.2561 and at 1.2775 for the year ended 31
March 2025 for the purposes of earnings per share.
· Share capital and share premium were translated using historical
exchange rates prevailing at the dates of original transactions.
· Other equity components were translated using the closing
exchange rate.
· The resulting exchange differences have been recognised in the
foreign currency translation reserve within equity.
All financial information in the financial statements is presented US dollars
(USD), unless otherwise stated.
In accordance with IAS 1 Presentation of Financial Statements, a third
statement of financial position as at 1 April 2023 has not been presented.
Although the change in presentation currency constitutes a voluntary change in
accounting policy under IAS 8 and has been applied retrospectively, the impact
on the opening balances as at 1 April 2023 was not considered material to
users of the financial statements. As such, the presentation of a third
statement of financial position has not been required.
Revenue recognition
Revenue represents the amounts receivable, excluding sales related taxes, for
goods and services supplied during the period to external customers shown net
of sales taxes, returns, rebates and discounts.
When assessing revenue recognition against IFRS15, the Group assess the
contract against the five steps of IFRS15:
· Identifying the contract with a customer
· Identifying the performance obligations
· Determining the transaction price
· Allocating the transaction price to the performance obligations
· Recognising revenue when/as performance obligation(s) are satisfied
This process includes the assessment of the performance obligations within the
contract and the allocation of contract revenue across these performance
obligations once identified. Revenue is recognised either at a point in time
or over time, when, or as, the Group satisfies performance obligations by
transferring the promised goods or services to its customers.
The difference between the amount of income recognised and the amount invoiced
on a particular contract is included in the balance sheet as accrued or
deferred income. Amounts included in accrued and deferred income due within
one year are expected to be recognised within one year and are included within
current assets and current liabilities respectively.
The Group has a number of different revenue streams which are described below.
Services Revenue
Includes a range of member and member-related revenues as well as legacy
software license revenue.
Member subscription revenues
AIM distributor members pay a monthly subscription fee for basic membership
which confers immediate access to a range of commercial benefits at no
additional cost to the member. Members may elect to upgrade their membership
to access a range of enhanced services provided by AIM in exchange for an
increased monthly subscription fee. Subscription revenues are recognised on a
monthly basis over the membership period.
Other discretionary services
Certain other services are made available to AIM members on a discretionary
usage basis such as artwork processing services, catalogues and merchandise
boxes. These revenues are recognised upon performance of the service or
delivery of the product. For example, catalogue and merchandise box revenues
are recognised on dispatch of the products to members.
Events and exhibitions revenues
AIM promotes and arranges events for AIM members and groups of supplier
customers to meet and build relationships. Revenue from these events is
recognised once the performance obligations have been satisfied, typically on
completion of an event or exhibition.
Preferred Partner revenues
AIM provides services to vendors within the promotional products industry
whereby Preferred Partners are actively promoted to AIM members via a variety
of methods including utilising the AIM technology platform, webinars, email
communications and quarterly publications.
Revenues are variable and depend on the value of purchases made and services
utilised by the AIM members from Preferred Partners. Revenue is recognised
over time by reference to the value of transactions in the period. Payment for
AIM's marketing services is made by Preferred Partner customers on a calendar
quarter or annual basis. Revenue is recognised to the extent that it is highly
probable that it will not reverse based on historic fact pattern and latest
market information.
Software and technology services revenues
Revenues in respect of software product licences and associated maintenance
and support services are recognised evenly over the period to which they
relate. An element of technology services revenue is dependent on the value of
orders processed via the Group's technology platforms. Revenue is accrued
based on the value of underlying transactions and the relevant contractual
arrangements with the customer. Revenue is constrained to the extent that it
is highly probable that it will not reverse.
Merchanting revenues
Merchanting revenues arise when group companies contract with customers to
supply promotional products, branded merchandise, graduation regalia,
non-textbooks course materials and supplies, food and beverage items and
personal care.
ACS sells promotional products via AIM member affiliates who act as
independent sales representatives of ACS to secure sales with customers. All
transactions are mandatorily processed through the AIM technology platform and
utilise ACS people and know-how to efficiently operate the full end to end
process.
ACS bears the risk of the transaction as Principal, provisioning of orders and
contracting with the customer, determining the transaction price, provision of
fulfilment and supplier contracts and pricing, performing credit control and
processing payments. The sale of the promotional products, with the related
costs of goods supplied, freight and AIM affiliates selling commission
recognised as the cost of goods sold. The revenue is recognised on the
shipment of the goods from the supplier and as notified by the supplier
invoice which are raised following shipment. The Directors accept that the
technical transfer of risks and rewards to the customer occur on delivery of
the goods which are usually delivered within 2-5 days of shipment. The
Directors use a proxy of the shipment date as the trigger for recognising
revenue.
The Group also sources products directly through its network of Preferred
Partners, which it sells to AIM members and adjacent markets, where such sales
do not conflict with the interest of either suppliers or the AIM membership.
Gear Shops contracts sell branded merchandise, graduation regalia,
non-textbooks course materials and supplies, food and beverage items and
personal care. The majority of sales are either store sales or promotional
product sales as described above. Graduation regalia sales are made in
coordination with specialist graduation regalia providers. A subsection of
graduation regalia are sold via the providers online store in which a
commission is derived from this sale for the Group that are recognised at the
time of sale. The online sales usually occur after the Group performs
graduation events, fairs, in-store selling and marketing to drive any
latecomers to the online solution so that students still have an opportunity
to obtain their graduation regalia.
2. Segmental information
The chief operating decision maker has been identified as the Board of
Directors and the segmental analysis is presented based on the Group's
internal reporting to the Board. At 31 March 2025, the Group has two operating
segments, North America, and the United Kingdom & Europe along with a
Central segment. The Group further analyses performance to Gross Profit by
presenting 'Service' and 'Merchanting' as shown. Service revenues are derived
from servicing our AIM membership base and generating throughput with our
contracted Preferred Partners. Merchanting revenues are sales of promotional
products where the Group acts as principal in the underlying transaction.
Segment assets consist primarily of property, plant and equipment, intangible
assets, trade and other receivables and cash and cash equivalents. Segment
liabilities comprise operating liabilities. Capital expenditure comprises
additions to property, plant and equipment and intangible assets, including
additions resulting from acquisitions through business combinations. Assets
and liabilities at 31 March 2025 and capital expenditure for the period then
ended are as follows.
Year ended Year ended Year ended Year ended
31 March 31 March 31 March 31 March
2025 2025 2025 2025
$'000 $'000 $'000 $'000
North America UK and Europe Central Group
Turnover
Services 9,117 1,430 - 10,547
Merchanting 26,710 - - 26,710
Total 35,827 1,430 - 37,257
Cost of Sales
Services (1,092) (212) - (1,304)
Merchanting (21,792) - - (21,792)
Total (22,884) (212) - (23,096)
Gross Profit
Services 8,025 1,218 - 9,243
Merchanting 4,918 - - 4,918
Total 12,943 1,218 - 14,161
Operating Profit/(Loss) before share-based payment charges, depreciation, 5,367 39 (1,754) 3,652
amortisation, and exceptional charges
Share-based payment charges - - (600) (600)
Depreciation (294) (82) - (376)
Amortisation (425) (1,276) - (1,701)
Management fees (3,163) 1,503 1,660 -
Exceptional charges (228) (96) (90) (414)
Finance charges (137) 1 (4) (140)
Segmental profit before income tax 1,120 89 (788) 421
Assets* 16,329 3,475 1,946 21,750
Liabilities* (5,215) (820) (485) (6,520)
Net Assets 11,114 2,655 1,461 15,230
*external balances disclosed for segmental purposes
Capital expenditure
Intangible assets (402) (1,693) - (2,095)
Property, plant and equipment (423) (3) - (426)
Right of use assets - - - -
Capital Expenditure (825) (1,696) - (2,521)
Year ended Year ended Year ended Year ended
31 March 31 March 31 March 31 March
2025 2025 2025 2025
$'000 $'000 $'000 $'000
North America UK and Europe Central Group
Timing of Revenue Recognition
At a point in time 28,064 92 - 28,156
Over time 7,763 1,338 - 9,101
Total Revenue 35,827 1,430 - 37,257
*restated *restated *restated *restated
Year ended Year ended Year ended Year ended
31 March 31 March 31 March 31 March
2024 2024 2024 2024
$'000 $'000 $'000 $'000
North America UK and Europe Central Group
Turnover
Services 9,474 1,445 - 10,919
Merchanting 19,249 - - 19,249
Total 28,723 1,445 - 30,168
Cost of Sales
Services (818) (222) - (1,040)
Merchanting (16,093) - - (16,093)
Total (16,911) (222) - (17,133)
Gross Profit
Services 8,656 1,223 - 9,879
Merchanting 3,156 - - 3,156
Total 11,813 1,223 - 13,035
Operating Profit/(Loss) before share-based payment charges, depreciation, 4,805 (72) (1,708) 3,025
amortisation, and exceptional charges
Share-based payment charges - - (889) (889)
Depreciation (243) (77) - (320)
Amortisation (290) (1,055) - (1,345)
Management fees (2,856) 1,387 1,469 -
Exceptional charges (251) (45) (75) (371)
Finance charges (93) (8) (4) (105)
Segmental profit before income tax 1,072 130 (1,207) (5)
Assets* 14,501 2,987 813 18,301
Liabilities* (3,899) (496) (446) (4,841)
Net Assets 10,602 2,491 367 13,460
*external balances disclosed for segmental purposes
Capital expenditure
Intangible assets (381) (1,596) - (1,977)
Property, plant and equipment (257) (16) (9) (282)
Right of use assets - - - -
Capital Expenditure (638) (1,612) (9) (2,259)
*restated *restated *restated *restated
Year ended Year ended Year ended Year ended
31 March 31 March 31 March 31 March
2024 2024 2024 2024
$'000 $'000 $'000 $'000
North America UK and Europe Central Group
Timing of Revenue Recognition
At a point in time 20,582 113 - 20,695
Over time 8,141 1,332 - 9,473
Total Revenue 28,723 1,445 - 30,168
3. Exceptional charges
Analysis of exceptional items:
*restated Year ended
Year ended
31 March 31 March
2025 2024
$'000 $'000
Legal, professional and consultancy costs 137 137
Other exceptional costs 277 233
414 370
Exceptional charges principally relate to strategic review costs, legal and
professional consultancy costs incurred in relation to one-off projects.
(2024: to acquisition projects, a strategic restructure of the sales
organisation and new ERP system). Other exceptional costs principally relate
to restructuring activities, lease exit costs, data cleansing activities, and
onerous contract charges (2024: to restructuring costs, other costs associated
with the strategic review and bad debt, offset by a historical VAT reclaim).
4. Basic and diluted earnings per ordinary share
The calculation of earnings per ordinary share is based on the profit for the
period after taxation and the weighted average number of equity voting shares
in issue as follows:
*restated *restated
Year ended Year ended Year ended Year ended
31 March 31 March 31 March 31 March
2025 2025 2024 2024
£'000's $'000's £'000's $'000's
Profit attributable to the equity shareholders of the Company ('000s) 928 1,186 697 877
Weighted average number of shares (number '000) 72,250 72,250 70,972 70,972
Fully diluted weighted average number of shares (number '000) 73,189 73,189 72,621 72,621
Basic profit per ordinary share (pence) 1.28p 1.64c 0.98p 1.24c
Diluted profit per ordinary share (pence) 1.27p 1.62c 0.96p 1.21c
Adjusted profit per ordinary share (pence)
Profit attributable to the equity shareholders of the Company (£/$000) 928 1,186 697 877
add back:
Share based payments 470 600 708 889
Amortisation on acquired intangibles 142 182 154 182
Exceptional charges 324 414 295 370
Taxation (599) (765) (702) (882)
Adjusted earnings 1,265 1,617 1,152 1,436
Adjusted basic earnings per ordinary share (pence/cents) 1.75p 2.24c 1.62p 2.02c
Adjusted diluted earnings per ordinary share (pence/cents) 1.73p 2.21c 1.59p 1.98c
*Restatement of FY24 Adjusted EPS
The Group has revised its calculation of adjusted earnings per share to
exclude the tax charge in full, in addition to the usual adjustments for
share-based payments, amortisation of acquired intangibles and exceptional
items. This change has been made to present a clearer and more consistent
measure of underlying performance. Recent tax charges have been significantly
affected by movements in deferred tax and the utilisation of tax losses as the
Group transitions from loss-making to profit-making. These items are largely
non-cash and do not reflect the trading results of the business. By presenting
adjusted EPS before tax, the Group provides users of the financial statements
with a measure that better reflects operational earnings on a per share basis
and improves comparability between periods.
The Group changed its presentational currency from GBP to USD in FY25.
Earnings per share continue to be presented in pence, consistent with the
functional currency of the parent company's shares and the reporting
conventions of the London AIM market.
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