This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR") and is disclosed in accordance with the Group's obligations under Article 17 of MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

31 March 2026

Altitude Group plc

("Altitude", the "Group" or the "Company")

Trading Update

Altitude Group plc (AIM: ALT), a technology and services provider specialising in end-to-end solutions for the branded merchandise and promotional products industry, today provides a trading update for the year ending 31 March 2026, ahead of the announcement of its full year results expected to be released on 29 July 2026 ("FY26").

Trading Highlights

The Board is pleased to report that the Group has delivered a year of meaningful progress and strategic realignment, with full year revenue expected to be above market expectations in the range of $43.5 million to $44.5 million (FY25: $37.3 million), representing year-on-year growth of between 16.6% and 19.3%. The range reflects that, as in previous years, the Company has yet to confirm the full value of certain AIM Supplier and University Gear Shop ("UGS") graduation revenue pertaining to FY26.

This performance reflects the full year impact of the UGS contracts awarded during FY25, alongside growth in the Affiliate programme ("ACS"), consistent with the trajectory outlined in the Group's interim results announcement on 11 November 2025.

Adjusted Operating Profit¹ for FY26 is expected to be in line with the $3.7 million (FY25: $3.7 million) indicated in the November 2025 trading update, with Adjusted Profit before Taxation² anticipated to be $1.6 million (FY25: $1.6 million).

The Group expects to close the year with net debt of $0.6 million (FY25: net cash $0.7 million), reflecting the timing of certain AIM supplier revenues anticipated to be received in early FY27, alongside costs incurred in connection with the ongoing operational improvement programme signalled in the interim announcement. The Group's revolving credit facility provides the Group with sufficient headroom for FY27.

Operational Highlights

During FY26, the Group has undergone a number of significant Board-level changes covered in earlier announcements, the most recent being the appointment of Bob Wigley as Independent Non-Executive Director. Bob brings directly relevant experience as Chair of UK Finance, the body representing the UK banking and payments sector, and from board roles spanning financial services, market infrastructure and blockchain-led digital transformation, making him well placed to support the development of future AIM services. The reconstituted Board has implemented a restructuring programme, with the objective of refocusing the Group on driving profitable growth and enhancing cash generation focused on the core AIM business.

The Board's strategy for the AIM business is anchored around three strategic priorities:

·      Member and supplier growth: The Group has prioritised the execution of a proactive go-to-market strategy, under a newly appointed Senior US Sales Leader.

·      End-to-end technology platform: The Group is accelerating its technology roadmap, investing in new functionality designed to deepen the value delivered to members and suppliers through enhanced data services and improved platform capabilities, whilst providing incremental revenue opportunities for the Group. A significant initial milestone in this programme was reached in January 2026 with the announcement of AIM iQ™, a purpose-built, AI-enabled platform developed specifically for the promotional products community.

·      Scalable cost base: The Board has undertaken an operational restructuring of the business, delivering annualised cost savings of $0.7 million. The restructured model is designed to provide meaningful operational leverage as the Group scales.

Following the comprehensive portfolio reviews of ACS and UGS reported in November, the Group has exited certain uneconomic ACS accounts and UGS contracts and implemented tighter financial hurdle rates across both programmes, which will result in a more concentrated portfolio, delivering a higher quality, more profitable and capital-efficient Merchanting division. Whilst this will moderate Merchanting revenues in FY27, the Board is confident this will deliver a stronger and more sustainable earnings contribution.

The Board believes that these actions provide a solid foundation for margin accretion and stronger cash conversion in FY27 and beyond.

Notice of Results

Altitude anticipates issuing its full year results for the year ended 31 March 2026 on 29 July 2026.

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Throughout this announcement:

¹ Adjusted Operating Profit represents Operating Profit before share-based payment charges and exceptional charges.

² Adjusted Profit before Taxation represents Profit before share-based payment charges, exceptional costs and amortisation on acquired intangibles.