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Walbrook PR appointed by Altitude Group plc
Altitude Group plc (AIM: ALT), technology solutions provider to the promotional merchandise industry, has appointed Walbrook PR Ltd as its Financial PR and IR advisor.
Walbrook’s brief is to advise Altitude on its communications with the Financial Media, Research Analysts and Private Client Investment Managers in London and the Regions as well as with other small cap investor groups.
Altitude Group, which trades as Trade Only in the UK, offers an innovative and fully integrated eCommerce, CRM and ERP technology solution to suppliers and distributors operating in the promotional merchandise industry. This market leading solution enables promotional product suppliers and developers to grow sales and profits and allows potential distributors to quickly start and run their own promotional products businesses.
The software is principally delivered via a SaaS Model (Software as a Service) providing a single integrated software solution which enables promotional products distributors to provide quotations and virtual samples to potential customers and process and track orders from start to finish. The solution also provides instant reporting abilities and offers accounting and ancillary support functions, while the integrated product data suite provides users with immediate access to the best promotional products merchandise suppliers in the industry.
In line with Altitude’s stated strategy of focussing its efforts on its Technology and Information division, the Company today announced that it proposes to dispose of its Promotional Products division. This strategy was adopted in view of the substantial market opportunity available to the ongoing business, which also enjoys low customer churn and superior revenue visibility.
The consideration payable for the Promotional Products division is £6.27m (subject to net asset value adjustment). This is payable as £0.72m cash, an estimated £1.55m of repayments of amounts due (subject to net asset value adjustment) and the issue of Loan Notes to the value of £4m.
Altitude’s Technology and Information division (the ongoing business) made an operating profit before non-recurring items, amortisation of customer related intangibles and share based payment charges of GBP0.7m in 2010 (2009: GBP0.5m). At 31 December 2010 the Company had cash of £1.5m with no net debt (2009: £0.8m)
Altitude Group is headquartered in Byfleet, Surrey.
Paul McManus, Founder of Walbrook, said: “We are delighted that Altitude has chosen to work with Walbrook at what is a very exciting time for the business. The ‘new’ Altitude is a more focussed, streamlined business with significant potential for international growth and we are looking forward to working with the Company to help it achieve its goals.”