The agency's turnover fell to £1.035m for the year ended December 2009, compared to £3.2m the previous year.
Pre-tax profit dropped to £22,497 from £88,979 for the same period.
Altitude managing director John Saunders said: "We made a conscious decision last year, especially with the events market, to look after the existing client base and keep costs low. This year has been more active, especially in terms of bolstering the team and changing our position from a classic events management business to an integrated offering."
Altitude's growth in 2008 was helped by account wins with the Ministry of Defence.
The latest results are similar to Altitude's 2007 figures, which reported a turnover of £1.1m and pre-tax profit of £25,553.
The agency aims to find more repeat business and fewer "one-offs" this year, Saunders added: "2011 is looking very positive and 2010 [turnover] is up on last year."
Altitude appointed former Saatchi & Saatchi chief Ian Christie as strategy director, in March following a recruitment search that began last May.
Saunders said Christie's remit is to add marketing programmes to live events and create communications solutions.
The agency also changed its name from Altitude Inspires to Altitude Creative Communications to reflect its broader range of services.