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Sheffield’s Altitude Group notches record £18.8m revenues for year to March 31

Sheffield

Altitude Group, a Sheffield HQd provider of ecommerce services and promotional items to the branded and personalised product marketplace, has recorded record revenues of £18.8m for the year to March 31, 2023.

Altitude’s audited reports for the year revealed a 57 per cent revenue hike from £11.9m a year earlier. Gross profit was up by £2.5m to £8.6m, while adjusted operating profit climbed by 83.4 per cent to £2m from £1.1 million in what Altitude described as a “breakthrough” year.

Chief executive officer Nichole Stella said: “This financial year was one of great progress, strong trading and record-breaking results. We increased market share in our core markets and proved to be a disruptive force in a new market. As a result, the group has shown growth across the business far exceeding our original expectations.”

Looking ahead, Altitude said that it is confident of “substantial growth” in the next financial year and that it will win further contracts. “We have a business that is robust, ambitious and is very well positioned for scalable growth,” it added.

The company added that it expects to start transacting new contracts by September this year, with further investment in pipeline for continued scalable growth.

Shares in Altitude were down just over one per cent on the LSE Tuesday afternoon at 39.44p, although over the past 12 months the stock is up over 70 per cent.

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