Altitude Group PLC

03 August 2026

Altitude Group plc

("Altitude", the "Company" or the "Group")

AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31 MARCH 2026

AND NOTICE OF ANNUAL GENERAL MEETING

Altitude Group plc (AIM: ALT), a technology and services provider specialising in end-to-end solutions for the branded merchandise and promotional products industry, today announces its results for the year ended 31 March 2026.

Financial Highlights

Year ended 31 March	2026	2025
Income statement
Revenue	$44.4m	$37.3m
Gross profit	$15.6m	$14.2m
Gross margin	35.2%	38.0%
Adjusted operating profit1	$3.8m	$3.7m
Adjusted profit before tax2	$1.6m	$1.6m
Statutory (loss)/ profit before tax	($0.2m)	$0.4m
Adjusted Basic Earnings per Share3	2.19c	2.24c
Basic (loss)/ earnings per share	(0.33c)	1.64c
Cash
Net (debt)/ cash at year-end	($0.1m)	$0.7m
Cash generated from operating activities	$2.2m	$2.0m

·      Revenue growth of 19% to $44.4m (FY25: $37.3m), shaped by the full year contribution of the University Gear Shop contracts awarded in FY25 and growth in the Affiliate programme during the year, with the Group having since exited accounts and contracts across both as part of its move to a more selective, returns-led strategy

·    Adjusted operating profit¹ of $3.8m (FY25: $3.7m), marginally ahead of the guidance given in our March 2026 trading update. The group is actively re-shaping its revenue mix, with investment refocused on growing high margin technology revenues

·    Adjusted basic earnings per share³ held broadly flat at 2.19c (FY25: 2.24c), with adjusted profit before tax² unchanged at $1.6m (FY25: $1.6m). On a statutory basis, the Group reported a loss before tax of $0.2m (FY25: profit of $0.4m) and basic loss per share of 0.33c (FY25: earnings of 1.64c), after exceptional restructuring costs incurred during the year

·    Net debt of $0.1m at 31 March 2026 (FY25: net cash $0.7m), reflecting the timing of certain AIM supplier revenues received in early FY27, alongside costs incurred in connection with the ongoing operational improvement programme

Key corporate developments and operational highlights

·    Refocused the Group's strategy on its core AIM network, sharpening the emphasis on profitable growth, margin quality and disciplined execution

·    Launched AIM iQ™, an AI-enabled platform built specifically for the promotional products community, drawing on the Group's proprietary data environment to deliver deeper intelligence to supply partners and distributor members. AIM iQ represents a significant milestone in the Group's technology roadmap and the evolution of the AIM platform.

·    Completed comprehensive portfolio reviews of ACS and UGS and began exiting uneconomic accounts and contracts, introducing tighter financial hurdle rates and moving the Merchanting division towards a more selective, returns-led model. A process that has accelerated since the year end.

·    Right-sized the organisation and cost base, delivering annualised cost savings of $1.2 million, $0.7m of which was achieved by year end, establishing a more scalable operating model with meaningful operating leverage

·    Continued to strengthen the Board and leadership team with Martin Varley moving from a Non-Executive to an executive role as Chief Strategy Officer, alongside the appointments of Bob Wigley and, following the year-end, Max Roberts as Independent Non-Executive Directors, bringing directly relevant experience across payments and financial infrastructure, data and digital commerce, and market transformation

Notice of Annual General meeting ("AGM")

The Company also gives notice that its AGM will be held at the offices of Singer Capital Markets, 1 Bartholomew Lane, London on 22 September 2026 at 11:30 a.m. The Notice of AGM and the Annual Report for the year ended 31 March 2026 will be posted to shareholders and will be available on the Group's website (https://www.altitudeplc.com/reports-results) in due course.

Alexander Brennan, Non-Executive Chairman of Altitude, said:

"FY26 was a year of decisive change for Altitude. We sharpened our strategic focus on the core AIM business, took difficult but necessary decisions to concentrate the portfolio on higher-quality, more profitable revenue, and built a leaner, more scalable operating model. The launch of AIM iQ™ marked an important step in our technology-led agenda and has been met with a positive initial reaction. We have also strengthened the Board with the experience needed to support our new strategy.

"I would like to thank our colleagues for their resilience through a demanding year, and our shareholders for their continued support. With a clearer focus, a stronger platform and a disciplined operating model, I am confident in the opportunity ahead."

For enquiries, please contact:

Altitude Group plc Alexander Brennan, Non-Executive Chairman Martin Varley, Chief Strategy Officer Deborah Wilkinson, Chief Operating Officer	Via Singer Capital Markets
Singer Capital Markets James Moat/ James Fischer/ Carl Diebitsch	Tel: +44 (0) 20 7496 3000

Throughout this announcement:

 ¹ Adjusted operating profit excludes share-based payment credits/charges, amortisation of intangible assets, depreciation of tangible assets and exceptional charges

² Adjusted profit before tax is profit before tax, adjusted for share-based payment credits/charges, amortisation on acquired intangible assets and exceptional charges.

³ Adjusted basic earnings per share is calculated using profit after tax but before share-based payment credits/charges, amortisation on acquired intangible assets and exceptional items, and adjusted for taxation to remove the volatility associated with non-cash deferred taxation movements.

Chairman's Statement

FY26 was a year of fundamental strategic realignment, and one in which the Group laid important groundwork for its next stage of development. Serving in an executive capacity from July 2025 to April 2026 gave me a direct and personal view of the organisation that sharpened my conviction in both the opportunity ahead and the steps needed to realise it. The decisions taken during the year, on the portfolio, the cost base, and the composition of the Board, were each focused in delivering on that opportunity.

FY26 Performance Highlights

The Group delivered revenue growth of 19% to $44.4 million (FY25: $37.3 million), at the top end of the range indicated in the March 2026 trading update, reflecting the full year impact of the UGS contracts awarded during FY25 alongside growth in the Affiliate programme. Adjusted Operating Profit was marginally ahead of the guidance given in our March 2026 update at $3.8 million (FY25: $3.7 million).

On a statutory basis, the Group reported a loss before tax of $0.2 million (FY25: profit of $0.4 million), reflecting the exceptional restructuring costs incurred during the year. These were deliberate steps to refocus the Group on profitable growth and on building a capital light, scalable operating model, the progress of which is set out in the sections that follow.

Divisional Performance

AIM Services remained the Group's highest-margin division and its primary cash generator. Services revenue was marginally lower year-on-year, at $10.2 million (FY25: $10.5 million), reflecting a lack of investment in the prior years. Within Services, gross margin improved to 89.5% (FY25: 87.6%) and global membership held steady at over 2,300. The platform's resilience through a year of broader organisational change reflects the critical nature of the underlying business model to its customers and underpins its central role in the Group's long-term strategy, and returning AIM Services to growth is a priority for the year ahead.

Within Merchanting, both AIM Capital Solutions ('ACS') and University Gear Shops ('UGS') grew their respective affiliate and programme portfolios during the year, reflecting the full year impact of the UGS contracts awarded during FY25 alongside growth in the Affiliate programme to annualised revenues of $23.8 million (FY25: $22.0 million). UGS, having expanded to 29 programmes across 46 campus locations by September 2025, maintained that position through to the year end.

Following the comprehensive portfolio reviews completed during the year, the Group exited certain uneconomic ACS accounts and UGS contracts and implemented tighter financial hurdle rates across both programmes. The pace of this repositioning has accelerated since the year end resulting in a more concentrated portfolio, delivering a higher-quality, more profitable and capital-efficient Merchanting division. Whilst this will moderate Merchanting revenues in FY27, it will have no material impact on profitability and the Board is confident it will deliver a stronger and more sustainable earnings contribution from Merchanting over time.

Strategic direction and market positioning

Our strategic focus is on capitalising on the proprietary data and intelligence at the centre of the AIM network. Over 25 years the Group has built a proprietary record of promotional-product trade: millions of orders and billions of data points. This record is the Group's most durable asset and cannot easily be copied. Our work in the period has been to surface the intelligence within it and put it to use adding unique insight and capability on both sides of the supply chain: for our supply partners, and for the distributor members who use our platforms to serve their own customers efficiently.

A significant proportion of our network have been with AIM for many years, and our priority is to increase the value that our platform delivers to them. We are doing that through investment into innovation in the intelligence and tools we provide that enable them to access enhanced data services and improved platform capabilities. Loyalty is earned through the value we add over time. We have refined the University Gear Shops model. The division has moved from early-stage rollout to a more selective, returns-led approach. We will add campus programmes that meet our financial hurdle rates and offer attractive risk-adjusted returns and exit those that do not. We have invested into the division's ERP and e-commerce capability which is intended to improve profitability and operating leverage.

ACS has been through a comparable review. We have, and continue to, exit uneconomic accounts and applied tighter financial hurdle rates, concentrating the affiliate network on higher-quality, more profitable and more capital-efficient business. It nonetheless remains, today, a high-volume, lower-margin operation, and our task is to develop its structure, tools and support so that value per affiliate rises and margins improve, with credit exposure held within Board-approved limits.

Alongside this we have right-sized the business, delivering material cost savings whilst aligning our organisation with how the Group now operates. We have also strengthened the Board, so that it can deliver for all stakeholders: members, supply partners, colleagues and shareholders.

Governance and Board changes

FY26 was a year of significant change in the Group's leadership. Following the departures of our former Chief Executive Officer and Chief Financial Officer in mid-2025, I stepped in to lead the Group in an executive capacity through the transition that followed, before returning to my Non-executive Chairman role in April 2026 once a settled executive team was in place under Deborah Wilkinson and Martin Varley.

My priority through this period has been to build a Board with the depth and range of experience the Group's next phase demands. The appointments of Bob Wigley in March 2026 and, since the year end, Max Roberts on 30 June 2026 reflect that intent. Between them they bring extensive experience across payments and financial infrastructure, data and digital commerce, and market transformation. Bob brings experience as Chair of UK Finance and a career across financial services and market infrastructure; Max brings experience gained through senior leadership roles at IFS, Salesforce and Stripe. Their knowledge and expertise will be highly valuable as we execute a technology-led strategy centred on the AIM Smarter platform.

The Board records its appreciation of Peter Hallett, who has informed us of his decision to step down effective immediately after eleven years of service. As Senior Independent Non-Executive Director and Chair of the Audit, Remuneration and Nomination Committees, Peter brought rigour and independence across a sustained period of change and valued counsel to successive executive teams. Following his departure, the Board reviewed its Committee composition, appointing me chair of the Audit, Remuneration and Nomination Committees, with Max Roberts joining each and Bob Wigley joining the Audit Committee.

Additionally, as previously announced, Drew Whibley steps down as Chief Financial Officer and from the Board on 31 July 2026, and I thank him for his financial leadership through a demanding period of change. Richard Sowerby, appointed Chief Financial Officer designate on 3 July 2026, joins the Board as Chief Financial Officer on 1 August 2026, on a fractional basis reflecting the Group's increased focus on the US market and focus on cost control. Richard is well known to Altitude, having served the Company in senior capacities from 2013 to 2018.

With these changes, together with my own transition to Non-Executive Chairman during the year, the Board transformation programme undertaken over the past year is substantially complete.

Outlook

Current trading is in line with the Board's expectations. The Group enters the year ahead with a clear focus, a proprietary data asset built over 25 years, an experienced leadership team, and early momentum behind AIM iQ™ following its positive initial reception. We will pursue growth within a disciplined capital-allocation framework that seeks attractive risk-adjusted returns. We are confident in our ability to convert this position into sustainable, long-term value for shareholders.

Acknowledgements

Finally, I would like to thank colleagues across the Group for their resilience and commitment through a year of significant change; their effort underpins the progress set out in this report. I thank our shareholders too for their continued support, and I look forward to building on the foundations laid this year in driving growth and shareholder value.

Alexander Brennan
Non-Executive Chairman
2 August 2026

Chief Operating Officer's Report

Overview

FY26, the year ended 31 March 2026, was a year of deliberate refocusing. I led operations across the Group throughout the year under a decentralised, US-led operating model that brings decision-making closer to our customers while preserving rigorous Group oversight. The year combined double-digit revenue growth with decisive operational change: we sharpened where we invest resource, took cost and duplication out of the business, and reset how the Group is run day to day, laying much of the operational groundwork for the Group's next phase of growth.

Delivering against our strategic priorities

1. Member and supplier growth

AIM Services is the operational core of the Group, spanning the AIM Smarter membership and the buying, supplier and platform activity around it, and is the engine of our most resilient, recurring income. The global network comprises over 2,300 members, who collectively generate more than $2 billion in annual sales volume, and our task is to make our product offering more valuable to our members: through a technology platform that connects members to a curated supplier network, streamlines quoting, ordering and fulfilment, and opens new routes to market, combining data-led insight, integrated e-commerce and the Group's collective purchasing scale in a proposition that is hard to replicate. Our differentiation is a combination of technology and community, now amplified by AIM iQ™.

During the year we deliberately chose quality over volume, stepping away from lower-engagement accounts in our Merchanting divisions and refocusing our customer acquisition strategy around technology engagement, with the launch of AIM iQ™. Focusing on member and partner growth is a priority for FY27, and we enter the year better equipped to do so, having reorganised departments across the business to drive a proactive go-to-market approach across the member and supplier base.

2. An end-to-end technology platform

The defining milestone of the year was the launch of AIM iQ™, our AI-enabled platform built for the promotional products community, which we announced in January 2026. It is the most significant advance to date in our technology-led strategy for the AIM Smarter platform, introducing natural-language product search and inventory lookup, user-defined business-intelligence dashboards, and AI-driven lifestyle-based imagery to assist members with sales growth. It is designed to deepen the value we deliver to members and suppliers through enhanced data services, while creating incremental revenue opportunities for the Group. Following the announcement, we launched a targeted go-to-market campaign across US and UK distributors with active users now being onboarded.

Having enhanced our technical development practices through the introduction of AI capabilities, we are positioned well for rapid, successive tech releases, underpinned by a substantial expansion of QA automation that materially improved release quality and stability. Internally, we undertook centralisation of the Group's systems and consolidated the Group's data into a single, governed data platform during the year, giving us one trusted foundation for analytics, AI and new member and partner facing data services, and a key enabler of AIM iQ™. Beyond the product, we advanced embedding of AI within our own operations: a shared internal knowledge system now gives teams a single, trusted source for business context and operations, and AI-assisted tools are used across functions, from candidate screening to data preparation, improving speed and consistency, and deepening the organisational capability that underpins all areas of the business.

3. A scalable cost base

The third priority was to reset how the Group operates. In practice this meant consolidating functions under US leadership, removing duplicated roles and hand-offs, and simplifying the way work flows across the business. These changes to date have taken $1.2 million of annualised cost out of the Group. The exceptional costs of doing this, and the savings quantum, are set out in the Financial Review; from an operational standpoint the value is a business that is simpler, delayered and nimbler to run.

Within Merchanting the operational task was to grow well rather than simply grow. Running UGS across 46 campus locations through the year, managing seasonal graduation demand, stock and on-campus fulfilment sharpened our view of which programmes genuinely earn their place. That fed comprehensive, account-by-account reviews of ACS and UGS: we set clear financial hurdle rates, stepped away from accounts and contracts that did not clear them, and tightened the discipline around onboarding new business. The deliberate result is a smaller, better-quality portfolio, that is more profitable, less capital-hungry and materially easier to operate.

Looking ahead, we see meaningful growth potential in extending our proprietary e-commerce capability across the UGS estate, deepening online penetration alongside the physical stores, broadening the product range available to students and supporting print-on-demand and inventory-free fulfilment. In ACS, our focus is on developing platform functionality that increases the value captured per transaction, converting the division's growing volume into a more meaningful and scalable revenue contribution.

People and organisation

The centralisation of our Sales and Services functions under US leadership progressed to plan, creating clearer accountability closer to our largest market, and the restructuring reshaped the cost base while protecting our capacity to invest in the platform and go-to-market capabilities. Our senior leadership team is a key strength of the Group and has worked closely and effectively with the executive team throughout the year, bringing decision-making nearer to our customers while maintaining Group discipline. We further strengthened the finance function, promoting our US finance lead to Vice President of Finance, US, and continued to build out operational capability, including undertaking reviews of merchandising practices within the UGS team. A year of significant change placed real demands on our people, and I would like to thank colleagues across the Group for their resilience and commitment.

Strategic partnerships

Building on our technology and data strategy, we see clear scope to extend the AIM Smarter proposition beyond membership and buying power into adjacent, technology-enabled services that deepen the value we provide to members and open new, recurring revenue streams. We began developing selective partnerships during the year to support that ambition, and expect to say more as they mature.

Strategic direction

The AIM iQ™ platform, the governed data foundation now in place, and selective partnerships are the building blocks of a more technology- and data-led AIM Smarter. Our operational ambition over the coming years is to shift the Group's revenue mix progressively towards recurring, higher-margin, technology- and data-enabled income, with the core AIM membership at its centre.

Having now built the foundations of the platform during FY26 and restructured the team appropriately, our operations now move to adoption and monetisation, and we intend to bolster the areas that convert capability into revenue, in particular the go-to-market engine for AIM iQ™, spanning sales, customer success and member enablement, alongside continued investment in our data and platform capability. Strengthening that commercial engine, with our US senior leadership working alongside the executive team, is a priority for FY27.

FY27 Operational priorities

Our operational priorities for FY27 follow directly from the platform we have built. Our first focus is to deliver best-in-class technology, continuing to advance the AIM Smarter platform and the AIM iQ™ toolset so that our members have the most capable and reliable solution in the industry. Alongside this, we will drive platform engagement and adoption by growing and deepening everyday usage among members and suppliers, and monetise new revenue opportunities by converting our platform, data and selective partnerships into new, recurring revenue streams that extend beyond current membership. Underpinning these, we will extend AI-centred improvements across both the member-facing platform and our own operations, sharpening insight, automation and efficiency, and build out our data intelligence, turning our data foundation into analytics and insight that create value for members and suppliers while sharpening our own decision-making. Finally, we will strengthen the commercial and go-to-market capability that converts this platform capability into adoption and revenue.

Deborah Wilkinson
Chief Operating Officer
2 August 2026

Financial review

Revenue

Group revenue for the year ended 31 March 2026 was $44.4 million (FY25: $37.3 million), representing growth of 19% and landing at the top end of the range indicated in the March 2026 trading update. Revenue growth was driven principally by Merchanting, which benefited from the full-year impact of UGS contracts onboarded during FY25 and continued growth in the ACS affiliate programme.

Services revenue for the year was $10.2 million (FY25: $10.5 million). The year-on-year movement reflects softer AIM member purchasing activity amid subdued US promotional products demand and more cautious corporate marketing spend, with Services remaining a resilient, high-margin core positioned to return to growth as the next phase of the platform is delivered. The underlying membership base remained stable, with the AIM Smarter network supporting over 2,300 distributor members globally at the year-end. The principal Services revenue streams comprise distributor membership subscriptions, Preferred Partner income from suppliers participating in the AIM Smarter buying group, technology and platform licence fees, and marketing services income. The relative quality of Services revenue, characterised by its recurring nature and higher gross margin profile, remains a key strategic focus of the Group, with the development of AI-led platform enhancements during FY26 culminating in the release of the AIM iQ platform laying the foundations for recurring revenue growth and margin enhancement in FY27.

Merchanting revenue grew to $34.2 million (FY25: $26.7 million), the principal driver of Group revenue growth in the year, reflecting the full-year operating impact of the UGS contracts onboarded during FY25 and expansion of the ACS affiliate network. This growth was substantially volume-led, and the comprehensive portfolio reviews of ACS and UGS completed during the year identified clear scope to improve the quality, profitability and capital efficiency of the division.

Acting on those reviews, the Group began exiting certain uneconomic ACS accounts and UGS contracts and implemented tighter financial hurdle rates across both programmes. This repositioning has accelerated since the year end. The result will be a more concentrated, higher-quality portfolio. Whilst this will moderate Merchanting revenues in FY27, the Board expects it to have no material impact on profitability and to deliver a stronger and more sustainable earnings contribution, providing a solid foundation for margin accretion and improved cash conversion in FY27 and beyond.

Gross profit and margins

Group gross profit increased 11% to $15.6 million (FY25: $14.2 million). Group gross margin was 35.2% (FY25: 38.0%), reflecting a shift in revenue mix towards Merchanting, which, whilst lower-margin than Services, itself saw margin improvement during the year.

Within Merchanting, gross margin improved to 19.0% (FY25: 18.4%), reflecting the early benefit of the margin improvement actions undertaken during H2 FY26.

Services delivered a gross margin of 89.5% (FY25: 87.6%), an improvement year-on-year that reflects the quality and resilience of the Group's high-margin AIM platform. The reduction in overall Group gross margin therefore reflects the growing weight of Merchanting within the revenue base, a function of revenue mix, rather than any weakening at the divisional level; indeed, Services margin strengthened over the period.

Adjusted Operating Profit and operating margins

Adjusted Operating Profit for the year was marginally ahead of guidance in the March 2026 trading update at $3.8 million (FY25: $3.7 million). Adjusted Operating Profit is presented before share-based payment charges, depreciation and amortisation of intangible and tangible assets, and exceptional items, in order to provide a clearer view of the Group's underlying operating performance. The year-on-year movement reflects the contribution from revenue growth, principally within Merchanting, substantially offset by the additional administrative cost base supporting the larger contract portfolio and the change in revenue mix during the year.

During the second half of FY26, the Board undertook an operational restructuring of the business, delivering annualised cost savings to date of $1.2 million. While the benefit of these measures only partially offset the in-year increase in the cost base, the restructured operating model is designed to provide meaningful operational leverage as the Group scales, and the full annualised effect of the savings will be realised in FY27.

Depreciation, amortisation and share-based payments

In reconciling Adjusted Operating Profit to statutory operating profit, the Group recognised depreciation and amortisation of $2.2 million (FY25: $2.1 million), comprising amortisation of intangible assets, principally the capitalised development of the AIM Smarter platform, and depreciation of tangible assets. These are recurring non-cash charges that the Board excludes from its adjusted measures to provide a clearer view of underlying operating performance, but which reflect the ongoing investment in the Group's technology platform. The Group also recognised a share-based payment credit of $0.2 million (FY25: charge of $0.6 million), the credit in the year arising from the reversal of charges previously recognised on awards that forfeited during the period.

Non-underlying items

Exceptional costs for the year totalled $1.8 million (FY25: $0.4 million), comprising reorganisation and headcount costs arising from the operational and leadership restructuring of the Group, costs relating to the comprehensive reviews of the Merchanting division which include a $0.4 million inventory provision, a bad debt write-off, and associated legal and professional fees. The Board considers these items to be non-recurring in nature and outside the normal course of trading and has accordingly excluded them from the Group's adjusted performance measures. A full analysis of exceptional items is set out in note 3 to the financial statements.

Statutory operating result and profit before tax 

The Group's statutory operating result was broadly breakeven (FY25: $0.6 million), reflecting the higher level of exceptional costs during the year. After net finance costs of $0.2 million (FY25: $0.1 million), the Group reported a loss before tax of $0.2 million (FY25: profit of $0.4 million).

Taxation

The Group recognised a tax charge of $0.1 million (FY25: $0.8 million credit). The year-on-year movement principally reflects the non-recurrence of a significant deferred tax credit in FY25, when the Group recognised a substantial further tranche of deferred tax assets on brought-forward losses. A reconciliation of the Group's tax position is set out in Note 7 of the Group's annual report.

Result for the year

The Group reported a loss attributable to equity shareholders for the year of $0.2 million (FY25: profit of $1.2 million). The year-on-year movement reflects the higher level of exceptional charges in the year, together with the deferred tax credit recognised in the prior-year.

Earnings per share

Basic loss per share for the year was 0.33c (FY25: earnings per share of 1.64c). Adjusted Basic earnings per share, calculated using profit after tax but before share-based payment charges, amortisation of acquired intangible assets and exceptional items, and adjusted for taxation to remove the volatility associated with non-cash deferred taxation movements held broadly flat at 2.19c (FY25: 2.24c).

Dividend

The Directors do not recommend the payment of a dividend for the year ended 31 March 2026 (FY25: nil). The Board's dividend policy remains under review and will be revisited as the Group's earnings and cash generation profile develops.

Balance Sheet

Net assets at 31 March 2026 were $14.9 million (FY25: $15.2 million), with non-current assets of $11.1 million (FY25: $10.8 million). Inventory increased to $3.4 million (FY25: $2.5 million), reflecting the working capital required to support the UGS contract portfolio, with the rate of growth moderated by the tighter inventory discipline introduced during the second half of the year.

Trade and other receivables were $10.1 million (FY25: $7.7 million) and trade and other payables were $9.1 million (FY25: $6.0 million), the increases in both reflecting the scaling of the ACS and UGS programmes and the timing of certain Preferred Partner billings around the year-end.

Cash flow and net debt

Cash generated from operating activities totalled $2.2 million (FY25: $2.0 million). This was achieved despite the exceptional costs incurred in the year, with the outcome driven by broadly neutral working capital movements (FY25: outflow of $1.4 million) as growth in inventory and trade receivables from the scaling of the UGS and ACS programmes was substantially offset by a corresponding increase in trade and other payables.

Net cash outflow from investing activities was $2.7 million (FY25: $2.4 million), principally comprising the Group's continued investment in the AIM Smarter platform and capitalised development expenditure, together with purchases of tangible assets. Financing activities generated a net inflow of $0.8 million (FY25: outflow of $0.4 million), reflecting a $1.2 million drawdown under the renewed TD Bank N.A. working capital facility, partly offset by lease repayments and interest of $0.4 million (FY25: $0.4 million).

The Group ended the year with cash and cash equivalents of $1.1 million (FY25: $0.7 million) and net debt of $0.1 million (FY25: net cash of $0.7 million), reflecting the timing of certain AIM supplier revenues received in early FY27, alongside costs incurred in connection with the ongoing operational improvement programme.

Working capital facility and treasury 

During FY26, the Group renewed its working capital facility with TD Bank N.A. The facility was increased to $4.0 million (FY25: $3.0 million), to support the Group's continued execution against its growth strategy and to manage the working capital requirements of the Group. The Group's treasury policy is to manage cash balances prudently, hold surplus cash with established financial institutions, and minimise foreign exchange exposure through natural hedging where commercially practical. The Group does not undertake speculative treasury activities.

Development

The Group capitalised $2.0 million of software development (FY25: $1.7 million), reflecting continued investment in the proprietary AIM Smarter platform, including the AI-led product and service enhancements introduced during FY26. Included within capitalised development is $0.3 million (FY25: $0.3 million) related to the ERP system implementations for the ACS and AIM businesses.

Going Concern

The Group's approach to going concern, the Directors' assessment of the Group's ability to continue as a going concern, and the downside scenarios considered are set out in Note 1 of this report.

Significant judgements and estimates

In preparing the financial statements the Directors have made judgements and estimates in applying accounting policies. Details of the most significant areas where judgements and estimates have been made are set out in note 1 to the group financial statements.

Signed on Behalf of the Board

Alexander Brennan Non-Executive Chairman
2 August 2026

Consolidated Statement of Comprehensive Income

for the year ended 31 March 2026

			Year to		Year to
			31 March		31 March
		Notes	2026		2025
			$'000		$'000
Revenue		2	44,426		37,257
Cost of sales			(28,778)		(23,096)
Gross profit			15,648		14,161
Administrative expenses before share-based payment charges, depreciation, amortisation, and exceptional charges			(11,880)		(10,509)
Operating profit before share-based payment charges, depreciation, amortisation, and exceptional charges			3,768		3,652
Share-based payment (credits)/ charges			178		(600)
Depreciation and Amortisation			(2,158)		(2,077)
Exceptional charges		3	(1,753)		(414)
Total administrative expenses			(15,613)		(13,600)
Operating profit			35		561
Finance charges			(197)		(140)
(Loss)/ profit before taxation			(162)		421
Taxation			(82)		765
(Loss)/ profit attributable to operations			(244)		1,186
Other comprehensive income:
Items that may be reclassified subsequently to profit and loss:
Foreign exchange differences			88		(16)
Total comprehensive (loss)/ income for the year			(156)		1,170
(Loss)/ earnings per ordinary share attributable to the equity shareholders of the Company:
- Basic (pence)		4	(0.25p)		1.28p
- Diluted (pence)		4	(0.25p)		1.27p
- Basic (cents)		4	(0.33c)		1.64c
- Diluted (cents)		4	(0.33c)		1.62c

Consolidated Statement of Changes in Equity

for the year ended 31 March 2026

	Share	Share	Retained	Foreign exchange translation	Total
	capital	premium	losses	reserve	equity
	$'000	$'000	$'000	$'000	$'000
Group
At 31 March 2024	451	29,120	(12,784)	(3,327)	13,460
Profit for the period	-	-	1,186	-	1,186
Foreign exchange differences	-	-	-	(16)	(16)
Total comprehensive income	-	-	1,186	(16)	1,170
Transactions with owners recorded directly in equity
Share-based payment charge	-	-	600	-	600
Shares issued	6	-	(6)	-	-
Total transactions with owners	6	-	594	-	600
At 31 March 2025	457	29,120	(11,004)	(3,343)	15,230
Loss for the period	-	-	(244)	-	(244)
Foreign exchange differences	-	-	-	88	88
Total comprehensive (loss)/ income	-	-	(244)	88	(156)
Transactions with owners recorded directly in equity
Share-based payment credits	-	-	(178)	-	(178)
Shares issued	3	-	(3)	-	-
Total transactions with owners	3	-	(181)	-	(178)
At 31 March 2026	460	29,120	(11,429)	(3,255)	14,896

Consolidated Balance Sheet

as at 31 March 2026

		As at	As at
		31 March	31 March
		2026	2025
	Notes	$'000	$'000
Non-current assets
Goodwill		3,659	3,650
Intangible assets		4,912	4,322
Property, plant and equipment		588	586
Right of use assets		31	155
Deferred tax assets		1,886	2,044
Total non-current assets		11,076	10,757
Current assets
Inventory		3,360	2,506
Trade and other receivables		10,097	7,725
Corporation Tax Receivable		164	86
Cash and cash equivalents		1,104	676
Total current assets		14,725	10,993
Total assets		25,801	21,750
Liabilities
Current liabilities
Trade and other payables		(9,089)	(5,980)
Bank borrowings		(1,213)	-
		(10,302)	(5,980)
Net current assets		4,423	5,013
Non-current liabilities
Deferred tax liabilities		(603)	(490)
Lease liabilities		-	(50)
		(603)	(540)
Total liabilities		(10,905)	(6,520)
Net assets		14,896	15,230
Equity attributable to equity holders of the Company
Share capital		460	457
Share premium account		29,120	29,120
Retained losses and foreign exchange		(14,684)	(14,347)
Total equity		14,896	15,230

Consolidated Cash Flow Statement

for the year ended 31 March 2026

	Year to	Year to
	31 March	31 March
	2026	2025
	$'000	$'000
Operating profit	35	561
Amortisation of intangible assets	1,866	1,701
Depreciation	292	376
Share-based payment charges	(178)	600
Loss on disposal of fixed assets	-	15
Loss on disposal of intangible assets	-	41
Exceptional items	1,753	414
Operating cash flow before changes in working capital and exceptionals	3,768	3,708
Movement in inventory	(854)	(1,188)
Movement in trade and other receivables	(2,799)	(1,708)
Movement in trade and other payables	3,638	1,497
Changes in working capital	(15)	(1,399)
Net cash flow from operating activities before exceptional items	3,753	2,309
Exceptional items	(1,668)	(414)
Net cash flow from operating activities after exceptional items	2,085	1,895
Income tax received	164	129
Net cash flow from operating activities	2,249	2,024
Cash flows from investing activities
Purchase of tangible assets	(163)	(426)
Purchase of intangible assets	(2,508)	(2,095)
Proceeds of disposal of trade and assets	-	73
Net cash flow used in investing activities	(2,671)	(2,448)
Cash flows from financing activities
Repayment of lease borrowings	(188)	(243)
Lease interest paid	(11)	(22)
Other interest paid	(186)	(121)
Net cashflows from loan	1,213	-
Net cash flow from/ (used in) financing activities	828	(386)
Net increase/ (decrease) in cash and cash equivalents	406	(810)
Cash and cash equivalents at the beginning of the period	676	1,541
Effect of foreign exchange rate changes on cash and cash equivalents	22	(55)
Net increase/ (decrease) in cash and cash equivalents	406	(810)
Cash and cash equivalents at the end of the period	1,104	676

Notes to the Consolidated Financial Statements

1.  Accounting policies

The financial information in this preliminary announcement has been extracted from the audited Group Financial Statements for the year ended 31 March 2026 and does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006.

The Group Financial Statements for 2025 were delivered to the registrar of companies, and those for 2026 will be delivered in due course. The auditor's report on the Group Financial Statements for 2025 and 2026 were both unqualified and unmodified. The auditors' report was signed on 2 August 2026. The Group Financial Statements and this preliminary announcement were approved by the Board of Directors on 2 August 2026.

The audited accounts will be posted to all shareholders and will be available on the Group's website (https://www.altitudeplc.com/reports-results) in due course.

Basis of preparation

The group financial statements have been prepared in accordance with UK adopted International Accounting Standards. The Company financial statements have been prepared under FRS 101.

Both financial statements have been prepared on the historical cost basis, with the exception of certain items which are measured at fair value as disclosed in the accounting policies set out below. The financial information is presented in US Dollars (USD) and has been rounded to the nearest thousand ($000). See below for further detail on this change.

The preparation of financial statements in conformity with IFRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources of information. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

New standards impacting the Group that are not yet effective and have not been adopted in the annual financial statements for the year ended 31 March 2026 are:

·    Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7)

·    Annual Improvements to IFRS Accounting Standards (Amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7)

·    Presentation and Disclosure in Financial Statements (IFRS 18)

These new standards, interpretations and amendments will be adopted in the financial statements as and when they are applicable and adoption of these new standards, interpretations and amendments, will be reviewed for their impact on the financial statements prior to their initial application but are not currently expected to have a material impact.

The following material accounting policies have been applied consistently to all periods presented in these Group financial statements:

Going concern

After reviewing the Group's forecasts and projections, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis of accounting in preparing the financial statements.

The Group continues to follow a growth trajectory and has remained resilient through a sustained period of macroeconomic uncertainty. Its revenue benefits from a substantial recurring and contracted component, principally AIM membership and supplier programme income, which provides forward visibility and supports resilience. The Group's divisions are exposed to broader promotional-products industry dynamics: the Services division earns revenue as a percentage of supply-side throughput in the sector, the affiliate merchanting model is influenced by broader supplier performance, and the University Gear Shop platform provides diversification of revenue streams. The Directors monitor these dynamics, together with the potential impact of U.S. trade and tax measures on the Group's U.S. operations and cross-border arrangements, for any material effect. Notwithstanding these external factors, the Group is well positioned, with a diversified business model and operational discipline, and the Board retains the ability to flex overhead spend should any part of the business underperform against expectations.

The Directors have prepared cash flow forecasts covering the assessment period to at least 31 July 2027, comprising a base case and sensitised stretch and downside scenarios. The downside scenario reflects severe but plausible assumptions, including reduced revenue from the UGS pipeline, a slower rate of affiliate recruitment in ACS, and supplier-programme revenue held at lower levels, with FY27 revenue reduced by approximately $2.8m relative to the base case. The Directors have also modelled the effect of significantly increased distributor-membership attrition, at multiples of the current rate of loss, as a further sensitivity, under which the Group would continue to operate within its financing covenants throughout the assessment period. In all scenarios modelled the Group remains profitable at the EBITDA level and cash generative across the period, and its borrowings remain within the limit of its committed banking facility.

The Directors' conclusion is supported by the following key conditions:

·    The Group's seasonal working-capital requirements are supported by a committed revolving credit facility with TD Bank, which matures on 31 August 2027. The Group's seasonal cash cycle is expected to reduce its reliance on the facility towards the financial year-end, and to the extent that facility funding continues to be required, the Directors are comfortable that the facility could be renewed or replaced on similar terms, whether with TD or an alternative provider.

·    The facility is subject to a covenant regime with which the Group has complied and, on the basis of the forecasts, expects to continue to comply throughout the assessment period. The facility requires the outstanding balance to be reduced to zero for a minimum of 30 consecutive calendar days in each calendar year, with the rest period agreed with TD Bank to commence at the start of April 2027, extending the original deadline. This extension has been approved by TD Bank's credit function. The Directors have assessed the Group's ability to achieve a nil balance by the end of March 2027 across a range of scenarios and are satisfied that this can be achieved in the ordinary course through the Group's seasonal cash generation. The Directors do not therefore consider the rest requirement to give rise to a material uncertainty.

·    The forecasts assume no significant reduction in distributor membership numbers or preferred-supplier participation across the assessment period, reflecting the recurring and contracted nature of a substantial component of this income and the Group's retention experience.

·    The Group maintains its distributor membership and preferred-supplier relationships throughout the forecast period, and continues to develop its product and technology offerings to meet market and customer demand.

·    The forecasts assume collections and payments consistent with normalised trading conditions, with the cash outflows associated with growth modelled in detail.

·    The Directors have considered the position of the individual trading companies within the Group to ensure they are also able to meet their obligations as they fall due.

The sensitised forecasts do not assume any of the following mitigating actions available to management, which provide further resilience:

·    discontinuing the development of AIM Capital Solutions to release working capital;

·    reducing tendering activity for University Gear Shops to avoid investment in working capital, fit-out and set-up costs, together with the recovery of inventory value on any exited contracts;

·    reactionary cost-reduction programmes in respect of headcount and organisation; and

·    securing additional working-capital facilities in respect of any growth in the Merchanting business beyond the sensitised forecast.

The Directors have also considered the matter described in note 6 and its relevance to the going concern assessment. Having done so, and having regard to the sensitivity analysis described above, the Directors consider that this matter does not give rise to a material uncertainty in respect of the Group's ability to continue as a going concern. 

Having assessed these matters, the Directors are satisfied that the Group has adequate resources to meet its liabilities as they fall due for the foreseeable future, and that the going concern basis of preparation remains appropriate. The financial statements have therefore been prepared on a going concern basis.

Basis of consolidation

The consolidated financial statements incorporate the financial statements of the Company and the entities controlled by the Company (its subsidiaries) made up to 31 March each period. Control is achieved when the Company:

·    has the power over the investee

·    is exposed, or has rights, to variable return from its involvement with the investee and

·    has the ability to use its power to affect returns

The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements above. Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control over the subsidiary.

The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Group. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued, and liabilities incurred or assumed at the date of exchange. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any minority interest. The excess of the cost of acquisition over the fair value of the Group's share of the identifiable net assets acquired is recorded as goodwill. If the cost of acquisition is less than the fair value of net assets of the subsidiary acquired, the difference is recognised directly in the Consolidated Statement of Comprehensive Income.

All intra-group balances and transactions, including unrealised profits arising from intra-group transactions, are eliminated fully on consolidation.

Presentation Currency The Company presents its financial statements in US dollars (USD), consistent with the Group's presentation currency adopted in the prior year ended 31 March 2025. All financial information in the Company financial statements is presented in US dollars unless otherwise stated.

Revenue recognition

Revenue represents the amounts receivable, excluding sales related taxes, for goods and services supplied during the period to external customers shown net of sales taxes, returns, rebates and discounts.

When assessing revenue recognition against IFRS 15, the Group assesses the contract against the five steps of IFRS 15:

·    Identifying the contract with a customer

·    Identifying the performance obligations

·    Determining the transaction price

·    Allocating the transaction price to the performance obligations

·    Recognising revenue when/as performance obligation(s) are satisfied

This process includes the assessment of the performance obligations within the contract and the allocation of contract revenue across these performance obligations once identified. Revenue is recognised either at a point in time or over time, when, or as, the Group satisfies performance obligations by transferring the promised goods or services to its customers.

The difference between the amount of income recognised and the amount invoiced on a particular contract is included in the balance sheet as accrued or deferred income. Amounts included in accrued and deferred income due within one year are expected to be recognised within one year and are included within current assets and current liabilities respectively.

The Group has a number of different revenue streams which are described below.

Services Revenue

Includes a range of member and member-related revenues as well as legacy software licence revenue.

Member subscription revenues

AIM distributor members pay a monthly subscription fee for basic membership which confers immediate access to a range of commercial benefits at no additional cost to the member. Members may elect to upgrade their membership to access a range of enhanced services provided by AIM in exchange for an increased monthly subscription fee. Subscription revenues are recognised on a monthly basis over the membership period.

Other discretionary services

Certain other services are made available to AIM members on a discretionary usage basis such as artwork processing services, catalogues and merchandise boxes. These revenues are recognised upon performance of the service or delivery of the product. For example, catalogue and merchandise box revenues are recognised on dispatch of the products to members.

Events and exhibitions revenues

AIM promotes and arranges events for AIM members and groups of supplier customers to meet and build relationships. Revenue from these events is recognised once the performance obligations have been satisfied, typically on completion of an event or exhibition.

Preferred Partner revenues

AIM provides services to vendors within the promotional products industry whereby Preferred Partners are actively promoted to AIM members via a variety of methods including utilising the AIM technology platform, webinars, email communications and quarterly publications.

Revenues are variable and depend on the value of purchases made and services utilised by the AIM members from Preferred Partners. Revenue is recognised over time by reference to the value of transactions in the period. Payment for AIM's marketing services is made by Preferred Partner customers on a calendar quarter or annual basis. Revenue is recognised to the extent that it is highly probable that it will not reverse based on historic fact pattern and latest market information.

Software and technology services revenues

Revenues in respect of software product licences and associated maintenance and support services are recognised evenly over the period to which they relate. An element of technology services revenue is dependent on the value of orders processed via the Group's technology platforms. Revenue is accrued based on the value of underlying transactions and the relevant contractual arrangements with the customer. Revenue is constrained to the extent that it is highly probable that it will not reverse.

Merchanting revenues

Merchanting revenues arise when group companies contract with customers to supply promotional products, branded merchandise, graduation regalia, non-textbooks course materials and supplies, food and beverage items and personal care.

ACS sells promotional products via AIM member affiliates who act as independent sales representatives of ACS to secure sales with customers. All transactions are mandatorily processed through the AIM technology platform and utilise ACS people and know-how to efficiently operate the full end to end process.

ACS bears the risk of the transaction as Principal, provisioning of orders and contracting with the customer, determining the transaction price, provision of fulfilment and supplier contracts and pricing, performing credit control and processing payments. The sale of the promotional products, with the related costs of goods supplied, freight and AIM affiliates selling commission recognised as the cost of goods sold. The revenue is recognised on the shipment of the goods from the supplier and as notified by the supplier invoice which are raised following shipment. The Directors accept that the technical transfer of risks and rewards to the customer occur on delivery of the goods which are usually delivered within 2-5 days of shipment. The Directors use a proxy of the shipment date as the trigger for recognising revenue.

The Group also sources products directly through its network of Preferred Partners, which it sells to AIM members and adjacent markets, where such sales do not conflict with the interest of either suppliers or the AIM membership.

Gear Shops contracts sell branded merchandise, graduation regalia, non-textbooks course materials and supplies, food and beverage items and personal care. The majority of sales are either store sales or promotional product sales as described above. Graduation regalia sales are made in coordination with specialist graduation regalia providers. A subsection of graduation regalia is sold via the provider's online store in which a commission is derived from this sale for the Group that are recognised at the time of sale. The online sales usually occur after the Group performs graduation events, fairs, in-store selling and marketing to drive any latecomers to the online solution so that students still have an opportunity to obtain their graduation regalia.

2.  Segmental information

The chief operating decision maker has been identified as the Board of Directors and the segmental analysis is presented based on the Group's internal reporting to the Board. At 31 March 2026, the Group has two operating segments, North America, and the United Kingdom & Europe along with a Central segment. The Group further analyses performance to Gross Profit by presenting 'Service' and 'Merchanting' as shown. Service revenues are derived from servicing our AIM membership base and generating throughput with our contracted Preferred Partners. Merchanting revenues are sales of promotional products where the Group acts as principal in the underlying transaction.

Segment assets consist primarily of property, plant and equipment, intangible assets, trade and other receivables and cash and cash equivalents. Segment liabilities comprise operating liabilities. Capital expenditure comprises additions to property, plant and equipment and intangible assets, including additions resulting from acquisitions through business combinations. Assets and liabilities at 31 March 2026 and capital expenditure for the period then ended are as follows.

				Year ended			Year ended		Year ended		Year ended
				31 March			31 March		31 March		31 March
				2026			2026		2026		2026
				$'000			$'000		$'000		$'000
				North America			UK and Europe		Central		Group
Turnover
Services				8,948			1,263		-		10,211
Merchanting				34,215			-		-		34,215
Total				43,163			1,263		-		44,426
Cost of Sales
Services				(851)			(226)		-		(1,077)
Merchanting				(27,701)			-		-		(27,701)
Total				(28,552)			(226)		-		(28,778)
Gross Profit
Services				8,097			1,037		-		9,134
Merchanting				6,514			-		-		6,514
Total				14,611			1,037		-		15,648
		Year ended			Year ended			Year ended			Year ended
		31 March			31 March			31 March			31 March
		2026 $000			2026 $000			2026 $000			2026 $000
		North America			UK and Europe			Central			Group
Operating Profit/(Loss) before share-based payment charges, depreciation, amortisation, and exceptional charges		5,372			(213)			(1,391)			3,768
Share-based payment charges		-			-			178			178
Depreciation		(279)			(13)			-			(292)
Amortisation		(385)			(1,481)			-			(1,866)
Management fees		(3,882)			1,870			2,012			-
Exceptional charges		(1,419)			(8)			(326)			(1,753)
Finance charges		(195)			(3)			1			(197)
Segmental profit before income tax		(788)			152			474			(162)
Assets*		19,708			4,228			1,865			25,801
Liabilities*		(9,238)			(1,026)			(641)			(10,905)
Net Assets		10,470			3,202			1,224			14,896
*external balances disclosed for segmental purposes
Capital expenditure
Intangible assets		(514)			(1,994)			-			(2,508)
Property, plant and equipment		(152)			(11)			-			(163)
Capital Expenditure		(666)			(2,005)			-			(2,671)
			Year ended			Year ended			Year ended		Year ended
			31 March			31 March			31 March		31 March
			2026			2026			2026		2026
			$'000			$'000			$'000		$'000
			North America			UK and Europe			Central		Group
Timing of Revenue Recognition
At a point in time			35,274			48			-		35,322
Over time			7,889			1,215			-		9,104
Total Revenue			43,163			1,263			-		44,426

		Year ended	Year ended	Year ended	Year ended
		31 March	31 March	31 March	31 March
		2025	2025	2025	2025
		$'000	$'000	$'000	$'000
		North America	UK and Europe	Central	Group
Turnover
Services		9,117	1,430	-	10,547
Merchanting		26,710	-	-	26,710
Total		35,827	1,430	-	37,257
Cost of Sales
Services		(1,092)	(212)	-	(1,304)
Merchanting		(21,792)	-	-	(21,792)
Total		(22,884)	(212)	-	(23,096)
Gross Profit
Services		8,025	1,218	-	9,243
Merchanting		4,918	-	-	4,918
Total		12,943	1,218	-	14,161
Operating Profit/(Loss) before share-based payment charges, depreciation, amortisation, and exceptional charges		5,367	39	(1,754)	3,652
Share-based payment charges		-	-	(600)	(600)
Depreciation		(294)	(82)	-	(376)
Amortisation		(425)	(1,276)	-	(1,701)
Management fees		(3,163)	1,503	1,660	-
Exceptional charges		(228)	(96)	(90)	(414)
Finance charges		(137)	1	(4)	(140)
Segmental profit before income tax		1,120	89	(788)	421
Assets*		16,329	3,475	1,946	21,750
Liabilities*		(5,215)	(820)	(485)	(6,520)
Net Assets		11,114	2,655	1,461	15,230
*external balances disclosed for segmental purposes
Capital expenditure
Intangible assets		(402)	(1,693)	-	(2,095)
Property, plant and equipment		(423)	(3)	-	(426)
Capital Expenditure		(825)	(1,696)	-	(2,521)

		Year ended	Year ended	Year ended	Year ended
		31 March	31 March	31 March	31 March
		2025	2025	2025	2025
		$'000	$'000	$'000	$'000
		North America	UK and Europe	Central	Group
Timing of Revenue Recognition
At a point in time		28,064	92	-	28,156
Over time		7,763	1,338	-	9,101
Total Revenue		35,827	1,430	-	37,257

3.  Exceptional charges

Analysis of exceptional items:
	31 March	31 March
	2026	2025
	$'000	$'000
Reorganisation and restructuring costs	1,227	-
Legal, professional and consultancy costs	171	137
Other exceptional costs	355	277
	1,753	414

Exceptional charges of $1.8 million (FY25: $0.4 million) comprise reorganisation and headcount costs arising from the operational and leadership restructuring of the Group during the year, costs relating to the comprehensive reviews of the Merchanting division which include a $0.4 million inventory provision, a bad debt write-off, and associated legal and professional fees.

In 2025 exceptional charges of $414,000 related to strategic review costs, legal and professional consultancy fees incurred in connection with one-off projects, restructuring activities, lease exit costs, data cleansing activities and onerous contract charges.

4.  Basic and diluted earnings per ordinary share

The calculation of earnings per ordinary share is based on the profit for the period after taxation and the weighted average number of equity voting shares in issue as follows:
		Year ended	Year ended		Year ended	Year ended
		31 March	31 March		31 March	31 March
		2026	2026		2025	2025
		£'000's	$'000's		£'000's	$'000's
(Loss)/ profit attributable to the equity shareholders of the Company ('000s)		(182)	(244)		928	1,186
Weighted average number of shares (number '000)		72,947	72,947		72,250	72,250
Fully diluted weighted average number of shares (number '000)		73,236	73,236		73,189	73,189
Basic (loss)/ profit per ordinary share (pence)		(0.25p)	(0.33c)		1.28p	1.64c
Diluted (loss)/ profit per ordinary share (pence)		(0.25p)	(0.33c)		1.27p	1.62c
Adjusted profit per ordinary share (pence)
Profit attributable to the equity shareholders of the Company (£/$000)		(182)	(244)		928	1,186
add back:
Share based payments		(133)	(178)		470	600
Amortisation on acquired intangibles		136	182		142	182
Exceptional charges		1,309	1,753		324	414
Taxation		61	82		(599)	(765)
Adjusted earnings		1,191	1,595		1,265	1,617
Adjusted basic earnings per ordinary share (pence/cents)		1.63p	2.19c		1.75p	2.24c
Adjusted diluted earnings per ordinary share (pence/cents)		1.63p	2.18c		1.73p	2.21c

The Group's calculation of adjusted earnings per share excludes the tax charge in full, in addition to the usual adjustments for share-based payments, amortisation of acquired intangibles and exceptional items. Recent tax charges have been significantly affected by movements in deferred tax and the utilisation of tax losses as the Group transitions from loss-making to profit-making. These items are largely non-cash and do not reflect the trading results of the business. By presenting adjusted EPS before tax, the Group provides users of the financial statements with a measure that better reflects operational earnings on a per share basis and improves comparability between periods.

The Group's presentational currency is USD. Earnings per share continues to be presented in pence, consistent with the currency of the parent company's shares and the reporting conventions of the London AIM market.

5.  Related party transactions

Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and have therefore not been disclosed.

During the year, the Group incurred costs of $77,000 (2025: $nil) in respect of additional duties performed by Martin Varley, a Director of Altitude Group plc, beyond his standard responsibilities, approved by the Remuneration Committee and paid via invoice through Ice Helicopters Ltd, a company in which Mr Varley is also a Director.

6.  Post balance sheet events

Subsequent to the year end, on 23 July 2026, the Group agreed an amendment to its revolving credit facility with TD Bank. The amendment extends the maturity of the facility from 31 March 2027 to 31 August 2027 and extends the date by which the facility's annual 30-day rest requirement must be satisfied, with the rest period now commencing at the start of April 2027. The amendment does not alter the quantum of the committed facility.

Prior to the reporting date, a subsidiary of the Group served notice terminating a long-standing commercial agreement with a business partner, with effect from a date after the year end. A dispute has since arisen between the parties, which is the subject of arbitration proceedings. The proceedings include claims and counterclaims that each seek monetary and other relief; no amount has been pleaded or quantified by either party at this stage.

The Directors have considered the matter, including in the Group's going concern assessment, and do not consider that it gives rise to a material uncertainty in respect of the Group's ability to continue as a going concern. The proceedings are at an early stage. A merits arbitrator has not yet been appointed, and no reliable estimate of the potential financial effect, if any, can currently be made. The Directors will provide a further update as appropriate.

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