Updates

Altitude

January 2024

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Altitude, the promotional products business, has reported interims with sales +54% to £11.8m, adjusted EBITDA +39% to £1.1m and eps +61% to 0.71p. The Merchanting side grew sales +100% to £7.6m. Here, the key swing factor is the company’s recent entry into running university “gear shops” - the on-campus bookshops that sell student books and university branded merchandise (mugs, t-shirts, etc) - which has given Altitude a direct-to-consumer channel as it’s selling the products directly to students rather than to PPDs. DTC has gross margins of 35-40% versus 10% at the original divisional activity of sales affiliates - so it’s clearly making several times as much profit per mug/t-shirt/sweatshirt sold. As rents are covered by ...

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Future - Monolithic free cashflow of £253m or 218p a share

Braemar

Altitude - New wins leave campus gear shops with annualised sales of US$9m (September 2024)

Altitude (June 2024)

Altitude (August 2023)

Altitude - Wins further university contracts (July 2023)

Altitude (April 2023)

Altitude - Moves from “ready to scale” to “scaling now” (March 2023)

Altitude (April 2020)

Altitude (February 2020)

Altitude (December 2019)

Altitude (October 2019)

Altitude (June 2019)

Altitude - Forecast eps of 7.5p rising to 15.5p (February 2019)

Altitude - Latest traction data showing real jump off in revenue (December 2018)

Altitude - 14 of 30 top suppliers on-boarded (October 2018)

Altitude (September 2018)

Altitude - Gaining traction with AIMPro (July 2018)

Altitude (March 2018)

Altitude - Second bite at the cherry (November 2017)

Altitude - Market awaits Channl traction data (June 2017)

Altitude (May 2017)

Altitude (March 2017)

Altitude - Aprinta deal to go live in October (October 2016)

Altitude Group - Ground floor opportunity (September 2016)

With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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