15th Mar 2023 14:24
Kin & Carta PLC - London-based business consultancy - Posts net revenue of GBP98.7 million for the six months that ended on January 31, up 15% from GBP85.6 million a year before driven by acquisitions and currency effects. Net loss before tax, however, widens to GBP15.1 million from GBP3.3 million, as operating loss widens to GBP14.7 million from GBP2.6 million. Adds that the net loss is driven by net adjusting cost items of GBP32.7 million, as well as difficult trading conditions. Looking ahead, expects organic growth and profitability to improve in the second half. Expects total net revenue growth of 8% to 12% in financial 2023, but a low-single-digit percentage decline in organic net revenue. "We expect a return to more normal growth and profitability in FY24," it says.
"The first half has been challenging with widespread client spending caution experienced across our industry," Chief Executive Officer Kelly Manthey says. "We enter the second half with a record order backlog and our Enterprise blue-chip client base, more than half of which has been with us longer than four years. This is the foundation for our future growth. I am as committed as ever to scaling Kin & Carta's global platform."
Current stock price: 99.60 pence each, down 2.0% on Wednesday afternoon in London
12-month change: down 60%
By Xindi Wei, Alliance News reporter
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