Altitude Group PLC AGM Statement (5597R)
June 30 2015 - 2:00AM
UK Regulatory
TIDMALT
RNS Number : 5597R
Altitude Group PLC
30 June 2015
ALTITUDE GROUP PLC
("Altitude" or the "Group")
AGM STATEMENT
At the AGM to be held today at 1.00 p.m., Executive Chairman,
Richard Sowerby will make the following statement.
"In my statement in the annual report, which followed the
changes to the Group's management structure announced on 28 April
2015, I announced that we were undertaking a review of our
operations and structure.
I would like to take this opportunity to update you on that
review and the progress we have made to date.
The appointment of Vicky Robinson as Managing Director has taken
the day-to-day management role from the Executive Chairman. In
Vicky, we have an experienced and capable leader managing the
business to deliver an improved performance and giving greater
focus to the whole Group. Our previous structure had individual
operational leaders running modest-sized businesses reporting to a
part-time Executive Chairman.
We have also strengthened our Board with the appointment of
Peter Hallett who brings a wealth of experience and an independent
perspective to our Board and to the strategic planning.
Our new management structure enables the Group to remove
inefficient and duplicated back office functions from across the
businesses and geographies.
Centralising these and many of our support functions has enabled
us to maintain our sales and customer facing capability. We have
already brought a number of these operations together for the UK
and US businesses and also merged our Technologo and Artwork Tool
products into the US and UK sales operations.
The impact of these changes is still being fully realised,
however our initial estimate indicates the removal of approximately
of GBP1.2 million of annual costs from the Group. Approximately
GBP1 million of these savings are salary related, representing a
significant reduction in the context of our overall group personnel
costs.
These changes have been achieved at a one-off cash cost of
approximately GBP150,000, which has been funded from existing cash
resources and we are confident that the Group is adequately
funded.
I would like to take this opportunity to thank our dedicated
team for their hard work and support through this period of
change."
Richard Sowerby
Executive Chairman
Enquiries:
Altitude Group plc
Richard Sowerby, Executive Chairman 07525 220876
WH Ireland Limited (Nominated Adviser and
Broker) 0113 394 6600
Tim Feather
Liam Gribben
This information is provided by RNS
The company news service from the London Stock Exchange
END
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