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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 £197.1 million, up 44% from £137.3 million the year before.
Net revenue from continuing operations increased by 48% to £190.3 million from £128.9 million, while adjusted operating profit amounted to £18.9 million, up 54% from £12.3 million.
Kin & Carta achieved a record year-ending backlog of £96 million, up 35% from £71 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 £15.9 million from £5.8 million due to ‘typical acquisition and pension-related charges as well as lease related impairments and provisions’, the company explained.
Administrative expenses increased to £57.6 million from £42.6 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.
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