Altitude (ALT)

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The operator of a leading marketplace for personalised products.

14-Dec-2017 – 69.7p – £35.4m – PER 18.4

Trading Statement – What a yarn!

Can’t work out if this latest update is good news or bad news. Fundamentals look OK but on a PER of 18.4, I’m not interested any further here at present.

5-Jun-2018 – 79p – £42.1m – PER 87.8

Preliminary Results For The 12 Months To End March 2018 – Revenue up 41.2% to £6.1m (2016: £4.3m) with PBT flat at £0.1m.

Up 50% or so since the end of last, I fail to see why and remain Neutral for now.

25-Sep-2018 – 93p – £51.6m – PER 13.9

Interim Results For The 6 Months To End June 2018 – Revenue slightly lower, Loss slightly higher. Outlook seems a little cautious.

I remain Neutral not wishing to pay up for “jam tomorrow” here.

10-Apr-2019 – 103p – £71m – PER 14

Trading Update For The 12 Months To End December 2018 – A Trading Update (for the year ending over 3 months ago when most are reporting actuals), weird! Anyway, it’s an “in-line with market expectations” statement.

I remain un-interested here and a little perplexed as to why it’s just getting round to issuing an update.

28-May-2019 – 116p – £80m – PER 15.7

Results For The 12 Months To End December 2018 – Revenue up from £6.1m to £6.6m, LBT of -£2.8m (Profit of £0.1m last time), Net Cash at £3.8m.

Results 5 months after year end is a little strange, loss making, no clear outlook given – I will be staying away here for now.

Subsequent note: I bought in here in June, accepting the (unusual for me) risk that it is still a loss maker (due to return to record profitability this year).

5-Sep-2019 – 92p – £63m – PER 12.7

Trading Update For The 6 Months To End June 2019 – Quite a lot of waffle here, things not as rosy as forecast.

I am Long here and will monitor the market reaction to this.

30-Sep-2019 – 46p – £32m – PER 3.5

Interim Results For The 6 Months To End June 2019 – Revenue up 43%, Loss up from -£0.7m to -£0.9m, Net Cash at £3.5m, US profitable and self funding. The Board remains confident.

I am still Long here and should have really sold out after the recent warning, having fell asleep at the wheel, at present, I remain involved.

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