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Altitude Group

  • BY: Andrew Hore |
  • POSTED: 28/04/2015 |

Martin Varley has returned to the board of software firm Altitude Group four weeks after stepping down as chief executive marking a change in the turnaround strategy.

Varley has returned as commercial director. He owns 26.7% of the company. Vicky Robinson, who ran a core business, becomes group managing director and Richard Sowerby has moved from finance director to executive chairman. Peter Hallett is a new non-executive director.

Stephen Yapp has stepped down as chairman two years after taking the job. Last October, he bought 170,000 shares at 13p each. The share price fell 0.25p to 2.75p on the news of the board changes.

The business is being restructured in order to reduce costs and improve efficiency. There will be redundancies.

Altitude has consistently disappointed. The SaaS-based software for promotional products suppliers has taken a long time to build up its revenues.  A UK exhibition is profitable.

In 2014, revenues have improved from £4.2m to £4.44m, while the loss was reduced from £1.94m to £1.58m but there were £787,000 of non-recurring costs in the previous year. Net cash was £1.28m at the end of 2014. 

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