26th May 2023 10:05
(Correcting that currency movements result in net revenue headwinds in the second half of financial 2023, not the second quarter.)
Kin & Carta PLC - London-based business consultancy - Expects net revenue for financial 2023 ending on July 31 to be flat to about 2% higher compared to the year before. Says the revised financial year net revenue guidance reflects recent currency movements, which result in net revenue headwinds in the second half of about GBP3.0 million, compared to the previous market forecast. Says the backlog for financial 2024 continues to build and is now GBP133 million, compared to GBP105 million a year ago.
Chief Executive Officer Kelly Manthey says: "Although we're maintaining a pattern of quarter by quarter net revenue growth, it isn't as strong as we'd expected. The market is more difficult with clients cautious about committing to large programme spends. Normally we see a significant acceleration in our second half revenue growth, but this has not materialised."
Back in March, Kin & Carta posted net revenue of GBP98.7 million for the six months ended on January 31, up 15% from GBP85.6 million a year before.
Current stock price: 65.90 pence, down 7.6% on Friday morning in London
12-month change: down 70%
By Xindi Wei, Alliance News reporter
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