12th Oct 2022 11:15
(Alliance News) - Kin & Carta PLC on Wednesday reported a double-digit increase in annual revenue but suffered a widened loss.
For the financial year that ended on July 31, the London-based business consultancy reported revenue of GBP197.1 million, up 44% from GBP137.3 million the year before.
Net revenue from continuing operations increased by 48% to GBP190.3 million from GBP128.9 million, while adjusted operating profit amounted to GBP18.9 million, up 54% from GBP12.3 million.
Kin & Carta achieved a record year-ending backlog of GBP96 million, up 35% from GBP71 million the year before. It said this underlined "continued strong demand across all service lines, technology partnerships and industry sectors".
Pretax loss, however, widened to GBP15.9 million from GBP5.8 million due to "typical acquisition and pension-related charges as well as lease related impairments and provisions", the company explained.
Administrative expenses increased to GBP57.6 million from GBP42.6 million the year ago.
Chief Executive Officer Kelly Manthey said: "Following a strong trading year the foundation of the business is well established and our sights are set on continued client success and profitable global growth."
Looking ahead, Kin & Carta expects further growth in total net revenue and adjusted operating profit. It says its medium term guidance is unchanged.
Shares were last traded at 194.75 pence each on October 7.
By Xindi Wei; [email protected]
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