UK's Kin and Carta gains, sees FY profit ahead of guidance
17/08/2023 08:28
** Shares of Kin and Carta Plc KCT.L up about 13% at
72.5p; top pct gainer on London's smallcaps .FTSC index
** Stock on track to log best day since June 2021, if trend
holds
** UK's digital consultancy firm sees annual adj operating
profit to be about 10.5% to 14% ahead of its expectations
** Sees adj operating profit margin to be 9.3%-9.6% and adj
core profit margins to be 11.7%-12.0%, ahead of previous
guidance
** Sees rev for year flat YoY, in line with expectations
** However, says market headwinds remain across sector, co
continues to manage business with "necessary caution"
** "Encouraged by the topline stabilisation demonstrated by
KCT in the last two quarters," analysts at Peel Hunt say
** Stock top pct gainer across all London shares, shares
touch highest level since May 25
** Up to last close, stock down ~70% so far this year
(Reporting by Prerna Bedi in Bengaluru)
((Prerna.Bedi@thomsonreuters.com; +91 98052 24616;))