ALTITUDE GROUP PLC
("Altitude", the "Group" or the "Company")
Board Reorganisation and Update
Altitude is pleased to announce a reorganisation of the Board and to provide a commercial update.
Board Reorganisation
Peter Hallett, Non-Executive Director, has been appointed to the role of Non-Executive Chairman with Richard Sowerby moving from Executive Chairman to Non-Executive Director.
Group Managing Director Vicky Robinson has decided that after ten years with Altitude, she would like to take time out with her family and is therefore leaving the Company. As a result, Martin Varley, currently Group Commercial Director, has been appointed Group Chief Executive.
In addition Altitude is pleased to announce the appointment of Shaun Parker to the Board position of Chief Operating Officer. Shaun has wide and relevant experience of the technology sector having held senior management positions in Specialist Computer Centres, Ricoh Global Services, Redstone plc, Hewlett Packard and Compaq, particularly in outsourced managed services including software.
Following these changes, the Board comprises two executive and two non-executive directors.
Commercial Update
The last 18 months have seen a substantial reengineering of the business, during which the annual run rate of staff costs has been reduced by more than £1.5 million compared to the levels at March 2015. The drive to remove costs and 'right size' the business has been a key focus of the operating team. The fact that this has been achieved whilst refining products and maintaining key customer relationships is a testament to the dedication, skill and hard work of the team.
The Group is now increasing its focus on the Software as a Service ("SaaS") business, and is exploring how it can maximise returns through transactional charges rather than a monthly subscription model alone. We see the opportunity to grow revenue in this way and simultaneously to add users to our artworktool.com platform. The full commercial release of the Artworktool application took place this month and we are excited about the opportunities this presents.
With products that are built and ready for market, it is anticipated that the high cost of software development will reduce and with an operationally focused leadership, we will invest only where there are clearly defined commercial opportunities.
We enter 2016 with our Trade Only National Show on 20 and 21 January expected to increase contribution again and the launch of artworktool.com having taken place. The Group has no debt and sufficient cash resources to execute its plan.
Peter Hallett, Non-Executive Chairman, commented: "We would like to thank Vicky for her service to Altitude over the last decade and wish her well for the future. We welcome Shaun to Altitude and are confident that his extensive experience of outsourced managed services will be invaluable as we increase the focus on the SaaS business."
Contact:
Altitude Group plc |
|
Peter Hallett (Non-Executive Chairman) |
Tel: 07887 987469 |
WH Ireland Limited (Nominated Adviser and Broker) |
|
Tim Feather Liam Gribben |
Tel: 0113 394 6600 |
APPENDIX
The following information is disclosed pursuant to Schedule Two paragraph (g) of the AIM Rules for Companies:
Shaun Raymond Parker, aged 53, is currently a director of Marizon Consulting Limited.
There are no further disclosures required in accordance with the AIM Rules.
