Altitude Group PLC shares jumped on Tuesday after it said it expects trading to be ‘materially ahead’ of market expectations and anticipates ‘record’ annual results.

Shares in the promotional products firm were up 17% to 26.25 pence on Tuesday at midday in London.

Altitude said market consensus for the financial year ending March 31, 2023 is revenue of £13.9 million and adjusted earnings before interest, tax, depreciation and amortisation of £1.2 million.

In financial 2022, the company reported revenue of £7.7 million and adjusted operating profit of £1.1 million.

The expected outperformance is down to ‘strong underlying business performance’, as Altitude expands its Services and Merchanting programmes. It explained that this growth has been maintained through October and November.

Looking ahead, Altitude expects to continue to experience revenue and Ebitda growth throughout 2023, as a result of the out performance during the current financial year.

Altitude plans to announce its results for half year that ended September 30 on Tuesday next week.

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