Altitude Group cuts losses with “radical restructuring”

Altitude Group plc, the Manchester-based provider of tech services for SMEs, has managed to reduce its losses after challenges led to a “radical restructuring” of its business.

The firm has today (May 20) announced the removal of £1.8m of annual administrative expenses and slashed its pre-tax loss for the year ending December 31 2015 to £1.24m, down from a loss of £1.57m before tax in 2014.

To overhaul its operations and reduce the duplication of resources, Altitude minimised its workforce based outside the UK.

The “radical restructuring”, according to Altitude’s non-executive chairman Peter Hallett, also included changes to the company’s board and senior management team.

He said: “We are now a much leaner and focused business with clear reporting lines and responsibilities, led by a chief executive with the requisite knowledge and experience to develop our proprietary software applications.

“Securing the patent in August 2015 for the artworktool solution and the processes it uses to help users create artwork online is a tremendous achievement and the result of three years of hard work and considerable cash investment.”

Mr Hallett added: “We now have a comprehensive suite of products to leverage using exclusive, unique and protected proprietary applications which can be delivered on a global scale.”

Speaking further, the non-executive chairman said he believes the company-wide changes, along with the patent, have put Altitude “in good shape” commercially and financially.

He continued: “We have reported an adjusted operating profit, remain free of bank borrowing and retain sufficient cash resources for our current requirements. The board is confident that the group is well placed to deliver growth in shareholder value.”

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