Kin and Carta PLC Pre-close Trading Update (9494P)
14 February 2019 - 6:00PM
UK Regulatory
TIDMKCT
RNS Number : 9494P
Kin and Carta PLC
14 February 2019
14 February 2019
Kin and Carta plc
('Kin + Carta' or the 'Company')
Pre-close Trading Update
Kin + Carta, the international digital transformation business,
today provides a pre-close trading update ahead of the announcement
of its results for the half year to 31 January 2019, which will be
released on 14 March 2019.
The Company's trading has been in line with expectations.
Like for like revenue* was in line with the prior year period.
Strong revenue growth in the Innovation pillar was driven by
several significant new client wins and increased demand from
existing accounts. Revenue from the Strategy and Communication
pillars decreased during the period as those pillars, as planned,
move away from lower margin work and shift their propositions
toward digital transformation.
The Company has sold its Redditch warehouse for greater than
expected net proceeds of GBP7.2 million, realising a profit on sale
of GBP2.0 million. Net debt at 31 January was cGBP33.0 million.
The Board is pleased with the progress that has been made in the
first half in achieving the strategic priorities identified at the
year end. The Company remains focused on becoming a global leader
in digital transformation services, and is making strong progress
on its objectives as it continues to invest in growth.
For further information contact:
Kin and Carta plc:
J Schwan CEO 0207 928 8844
Brad Gray CFO
Numis Securities Limited
Nick Westlake/ Matt Lewis 0207 260 1345
MHP Communications
Tim Rowntree/ Simon Hockridge/ Kelsey Traynor 0203 128 8778
* The Company moved to calendar month reporting from August
2018; the previous reporting cycle comprised of 52/53 week years.
The number of billable days in the current period was 129 against a
comparator of 135 days. The comparator revenue has been adjusted to
reflect a like for like number of billable days.
About Kin + Carta
Kin and Carta plc provides next-generation, digital
transformation services that apply creativity, data, and technology
to help clients invent, market, and operate new digital products
and services. Kin + Carta operates across the United Kingdom,
Europe, the United States of America, South America, and Asia and
fuses three specialisms - strategy, innovation, and communications
- under its organisational model called "The Connective".
The business serves the healthcare, financial services,
transportation, industrial and agriculture, retail and distribution
sectors, amongst others.
Kin and Carta plc's global team consists of c1,500
technologists, strategists and creatives across four continents,
connected by culture and shared ways of working. The Company is
headquartered in London, the United Kingdom.
Learn more at www.kinandcarta.com
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END
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