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 £7.2 million, realising a profit on sale of £2.0 million. Net debt at 31 January was c£33.0 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
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