Kin + Carta reports mix set of full year numbers
London-based digital marketing consultant Kin & Carta has reported a full-year profit despite a fall in revenue.
Revenue was down 3.1% to £172.9 million from £178.4m last year, the marketing services firm said in a stock market filing.
However, the company posted a pretax profit of £1.8 million, compared with a £31.2 million loss last year. On an adjusted basis, though, profit before tax slipped 5% to £17.6m.
"This year Kin & Carta has made significant headway executing on the strategic plan we outlined at the end of fiscal year 2018”, said Chief Executive J Schwan.
“We have reoriented our proposition and brand towards where we see the greatest opportunity, the digital transformation market."
Kin & Carta, which is listed on the London Stock Exchange, said it forecasts double-digit net revenue growth, between 10% and 12%, in the current financial year.
However, it also said increased investment will hamper profits in the first half of the year, but said it expects to deliver improved profitability in the second half.
"Digital transformation is a market which is growing globally at a high teens CAGR and impacting every sector” Schwan added.
“Kin + Carta is doing all the right things to position itself to take advantage of this market and I believe the benefits of our repositioning and investment will accelerate our growth during 2020.”
The company’s shares were 1.7% higher at 82p on Wednesday afternoon.