Altitude Group has appointed its former CFO Richard Sowerby as CFO designate, replacing Drew Whibley, who will step down from the board on 31 July following a planned handover.

Sowerby, a chartered accountant and executive director at Dowlis, returns to a company where he served as CFO from 2016 until 2019, before moving into other senior roles, including executive chairman and non-executive director.

He will take on the role on a 'fractional basis', working alongside AIM Smarter's US-based financial lead, Jayme Ulbin, as the group strengthens its focus on the US market, where its platform supports more than 2,300 distributors managing over £1.5bn in annual sales.

According to Altitude, the appointment will see the completion of its board transformation programme, which has also included the appointments of Alexander Brennan as non-executive chairman and Robert Wigley and Max Roberts as independent non-executive directors.

The company disclosed that Sowerby had served as a director of C J Garland & Co. between 2009 and 2010 before the business entered administration and was later liquidated. It also confirmed he holds no shares in Altitude, which reported FY2025 revenue of $37.3m and operating profit of $1.2m, and has forecast FY2026 revenue of $43.5m-$44.5m.

Non-executive chairman Alexander Brennan said: "I would like to thank Drew for his contribution to Altitude and wish him well. Richard's return brings continuity, deep sector knowledge, and a finance structure that is right-sized for where we are today."

Altitude shares rose around 6.1% to 26 pence in early trading on the announcement, with investors liking continuity and sector expertise.

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