UK's Kin and Carta falls as co cuts annual rev, margin outlook
26/05/2023 08:32
** Shares of Kin and Carta Plc KCT.L fall as much as 18.7%
to 58p, lowest since August 2020
** Stock bottoms London's smallcaps .FTSC index
** Co lowers annual rev, operating profit margin and core
profit margin on "hesitance" among clients to commit to large
programmes and delay in commencement of multiple contracts
** Co now sees FY23 rev growth to be flat to 2% vs previous
outlook of 8% to 12% growth
** Expects annual operating margin to be about 8% to 9% from
11% to 12% previously, and core profit margin down to 10% to 11%
** Says rev growth expected to stabalise in last qtr,
although at slower than expected rate
** Up to last close, stock had slumped ~67% so far this year
(Reporting by Prerna Bedi in Bengaluru)
((Prerna.Bedi@thomsonreuters.com; +91 98052 24616;))