REG - Altitude Group PLC - Trading Update <ALT.L>

26th January 2010 RNS announcements

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RNS Number : 1006G
Altitude Group PLC
26 January 2010


Altitude Group plc
("the Company" or "the Group")
Trading Update
The board of directors of Altitude Group plc (the "Board"), the promotional merchandise and marketing solutions group
announces the following trading update in respect of the financialyear ended 31 December 2009.
Highlights

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Improved Gross Margins in Information and exhibitions business
*
Sales lower in promotional businesses by 18%
*
Improved order intake during final months of 2009
*
Strong cash generation to the year end

Trading Update
In the second half of the calendar year the trading environment showed modest improvements over the first six months with
increases in order intake that should have a positive impact in2010. New corporate account wins that have been made are
expected to deliver increased volumes.
Overall, and despite the late season improvement, the promotional product businesses experienced lower volumes over the 12
month period to 31 December 2008 with salesapproximately 18% lower year on year.
Bookings for the market leading Trade Only National Show in January are substantially ahead of 2009 and there have been
improvements in order intake for catalogues purchased by distributors.
An improvement in cash management controls from April 2009 onwards has resulted in the Company significantly improving its
cash position from approximately a £600K deficit to a year-end cash balance of approximately £770K.The review of documents
in relation to the financial reporting of the Group referred to in our statement dated 30 September 2009 are ongoing.
Further announcements in this respect will be made when appropriate.

The Company and Craig Slater have compromised all potential legal proceedings, the details of which are subject to
confidentiality provisions. No payment in respect of such proceedings has been made by either party.


Colin Cooke, Chairman of the Company said
"In this difficult economic climate we have ended this year with a much improved cash position despite incurring
significant one off costs related to the cost saving initiatives.
From a trading perspective, we are pleased to have seen an increase in activity from new and existing customers, and whilst
it is a little early to predict how this might impact on volumes, the Board are more confident on the outlook for 2010."
Enquiries:
Altitude Group plc
Colin Cooke, Chairman Tel: 0870 224 6677
Martin Varley, CEO Tel: 07912 599 012
Daniel Stewart & Company plc
Simon Leathers Tel: 020 7776 6550
This information is provided by RNS
The company news service from the London Stock Exchange