Kin and Carta reports record backlog after profit drop
By Sean Farrell
Date: Wednesday 10 Mar 2021
(Sharecast News) - Kin and Carta reported a record backlog of work and said it was on track to meet forecasts for annual results after a near-halving of first-half profit.
Adjusted pretax profit for the six months to the end of January dropped to £2.9m from £5.7m as net revenue fell 10% to £64.1m. The total loss from continuing operations edged down to £6.4m from £6.5m including £4.9m of amortisation costs.
Kin and Carta said it was optimistic about the full year after winning new business from The Economist and Syngenta and growth in accounts such as Santander and Marks & Spencer. The backlog of work committed to by clients rose 27% from February 2020 to a record, it said.
The company advises businesses on improving their digital technology and has more than 1,600 people working across four continents. Kin and Carta shares have more than doubled over the past year and were up 7% to 158.5p at 09:30 GMT.
"Strong demand for our services in the digital transformation sector combined with our successful focus on being a destination for top digital talent gives the board confidence of achieving significant growth in the second half and meeting expectations for the full year," the company said.
"Trading at the start of the second half underpins these expectations as market demand for our services continues to increase in all of our regions, as evidenced by our growing pipeline and record backlog."
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