An annual report refers to a publication that companies are required to submit to the shareholders at the end of every financial year. It is a comprehensive report that informs the shareholders and other interested parties about the progress in performance of the company. Companies that have been listed in the stock exchange are however required to submit their reports more often and frequent than those have not.

According to generally accepted principles of accounting, an annual report should consist of: a report by the chief executive, auditor, mission statement, statement of compliance with the principle of corporate governance, responsibilities of the directors, a letter to the shareholders, financial statements, disclosure notes and an invitation to the annual general meeting. An annual report is relied upon by various parties namely the government, employees, investors, financial analysts, competitors, suppliers and the general public.

Below is an audited financial report for Altitude group PLC Company for the period ended 30th June, 2011.

Mission Statement

Altitude Group PLC is a competitive firm that Provides Information and technology services throughout the world and aims to create a superior value to its customers by determining their needs and wants and creating a superior value. It reports its annual report at the end of the month of June.

Financial Highlights

Revenue from the continuing operations increased by 12% to £2.46m

The gross profit increased by 21.5% to £1.69m

Adjusted operating profit from continuing operations increased by 26% to £0.36m

The pro forma net cash £1.08 after £2.17 earned from disposal of the PPD

Before amortization of intangibles, non-recurring administrative expenses and the share-based payment charges excluding non-recurring administrative expenses and profit on sale of discontinued operation.

Operational highlights

Disposal of the promotional products Division (PPD) to MBO team for £6.27m(mixture of cash and debt)in June 2011

Acquisition and integration of “Technologo” in March 2011 and the logo network and in may 2011

Establishment of Trade only Inc USA sales and support facility in place

Clear product roadmap in place with significant developments underway.

Strong growth in USA customer base on track for 4th quarter launch.

Statement by the chief executive o0fficer of Altitude Group Plc, Martin Varley.

2011 has been a crucial year for the company, with the disposal of promotional products Division transforming Altitude into a purely information and technology services focused company. We continue to move further into the North American Market, which offers great potential for the company. The trade only National show continues to grow at an impressive rate and the 2011 show in January saw an increase in attendance of 20% on 2010.The latest figures indicates that the company is moving in the right direction and we care very happy to take Altitude Group Plc to the next level.

Enquires:

Colin Cooke (The chairman) Tel 08702246677

Martin Varley (CEO) Tel 07912599012

Merchant securities

Lindsay Mair/ Simon Clements Tel 072076282200

Walbrook PR

Jack Rich (Media enquires) Tel 02079338788

Paul Cornelius (Investor enquires) tel02079338794

Strategy

Whilst the concentration has clearly been on the promotional products area , we are seeing interest for an integrated web store band other management solution for small businesses generally . The USA has around 25 million small businesses, clubs and societies accounting for 51% of the GDP and 54% of job creation. Today there are limited low cost options for a fully integrated business management technology solution, and this has encouraged us to explore suitable partnerships to provide us with access to a number of small business operators (Godman, 1995:230).We plan to launch a vanilla solution later in the year 2012 which will provide a comprehensive business management solution for small businesses for as little as $49 per month .We target ten business sectors and make a wide choice of templates for each of these. A user who signs up will be in a position to add his or her own products, publish them to a website, receive orders, manage stocks and use marketing tools in driving the sales irrespective of their places in the world.

Outlook

The company has achieved much in the last 18 months, It has a clear direction, no channel conflict, the customer base is growing (Godman, 1995: 126) We have no doubts that all the market potential is as large as we could ever have imagined and our most pressing problem going forward is how to balance these many opportunities and prioritize them appropriately. The latest figures show the company is moving in the right direction and we are very excited about taking Altitude group PLC to the next level. We are confident of meeting market expectations.

Consolidated Income Statement for the period ended 30th June 2011

Unaudited

Unaudited

30-Jun-11

31-Dec-10

30-Jun-10

£'000

£'000

£'000

Revenue

2,456 

2,934 

2,189 

Cost of sales

(764)

(941)

(796)

Gross profit

1,692 

1,992 

1,393 

Administrative costs

(1,630)

(1,835)

(1,131)

Adjusted Operating Profit

358 

219 

284 

Amortization of customer related intangibles

(79)

Non recurring administrative expenses

(197)

Share based payment charges

(20)

(61)

(22)

Total operating profit

63 

158 

262 

Finance income

Finance expenses

Profit before tax

63 

158 

262 

Taxation

Profit from continuing operations

63 

158 

262 

Profit from discontinued operations

307 

347 

41 

Profit for the period

370 

505 

303 

Profit per ordinary Share (pence): - Basic

0.88 

1.32 

0.79 

- Diluted

0.87 

1.31 

0.78 

Shares

42,043 

38,203 

38,203 

There were no recognized gains or losses in the period other than the profit for the period and therefore no statement of recognized income and expenses is presented.

Consolidated statement of changes in equity

for the period ended 30 June 2011

Share

Share

Retained

Capital

Premium

Earnings

£'000

£'000

£'000

Opening

153 

5,293 

(463)

Share Issue

15 

866 

Result

370

Share based payments

20 

Closing

168 

6,159 

(73)

Consolidated balance sheet

As at 30 June 2011

Unaudited

Unaudited

30-Jun-11

31-Dec-10

30-Jun-10

£'000

£'000

£'000

Non-current assets

Property, plant & equipment

79 

253 

296 

Intangibles

1,608

128

144

Goodwill

273

2,550 

2,621 

Long-Term Loan Receivable

4,000 

5,960 

2,931 

3,061 

Current assets

Inventories

1,284 

1,514 

Trade and other receivables

2,771 

3,111 

3,713 

Current taxes

0

0

00

Cash and equivalents

1,533 

156 

Total current assets

2,771 

5,927 

5,382 

Total Assets

8,731

8,858

8,443

Current liabilities

Bank overdrafts

(1,120)

Trade and other payables

(1,354)

(3,691)

(3,384)

Current taxes

(3)

(0)

(20)

(2,477)

(3,691)

(3,404)

Non current liabilities

Trade and other payables

(9)

Deferred consideration

(176)

(297)

(185)

(297)

Total liabilities

(2,477)

(3,875)

(3,701)

Net assets

6,254

4,983

4,742

Called up share capital

168 

153 

153 

Share premium

6,159 

5,293 

5,293 

Earnings

(73)

(463)

(704)

6,254

4,983

4,742

Responsibility Statement

The board confirms its responsibilities as followed

The financial statements have been prepared in accordance with the GAAP and that the report consists of information that is of fair value. There were no related party transactions and DTR 4.2.7.R is a disclosure of transparency Rules of subsequent events for this period.

The directors whore were responsible includes

Colin Cooke (Non-Executive Chairman)

Keith Willis (Non-Executive Director)

Barry Fielder (Non-Executive Director)

David Dannhauser (Non-Executive Director)

Martin Varley (Chief Executive Officer)

David Smith (Group Finance Director)

Accounting policies

The consolidated financial statements have been prepared using the generally accepted accounting principles. In their preparation the managers made accounting estimates and assumptions consistent with those applied in the previous years.

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