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Kin + Carta adjusted profit slips in H1 as revenue falls 10% on pandemic impact
StockMarketWire.com
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Digital transformation company Kin + Carta reported a fall in adjusted first-half profit on a pandemic-led hit to revenue.
For the period from 1 August 2020 to 31 January 2021, adjusted pre-tax profit fell to £2.9 million from £4.8 million year-on-year as revenue was 10% to £64.1 million.
The fall in adjusted profit, which didn't include the £3.6 million of US government PPP loan forgiveness now expected in H2, was primarily due to 'the reduction in net revenue as a result of the pandemic and one-time costs associated with the PPP in order to retain jobs,' the company said.
Looking ahead, the company said it had confidence of achieving significant growth in the second half and meeting expectations for the full year, citing strong demand in the digital transformation sector.
'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,' it added.
At 9:38am: (LON:KCT) Kin and Carta share price was 0p at 97.2p
Story provided by StockMarketWire.com
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