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RNS Number : 5269M
Kin and Carta PLC
22 September 2021
22 September 2021
Kin and Carta plc
Trading Update and Responsible Business Milestone
Kin and Carta plc (the "Company" or "Kin + Carta"), the global
digital transformation ('DX') consultancy, provides the following
update.
Following the Company's update on 15 June, trading continued to
be strong and Kin + Carta now expects net revenue and adjusted
profit before tax to be marginally ahead of the top end of market
expectations for the financial year ended 31 July 2021, subject to
audit.
The previously announced divestment plans for the Ventures
businesses remain on track. The Company has a robust M&A
pipeline under consideration.
Net debt is expected to be c. GBP19 million at 31 July 2021,
with a net debt to adjusted EBITDA ratio of c. 1.0X. The IAS19
funding position of the Company's legacy defined benefit pension
scheme has improved significantly from the prior year resulting in
an accounting surplus of GBP19.3 million at 31 July corresponding
to a 105% funding level. All figures are unaudited.
Trading for the new financial year which began on 1 August 2021
has been strong, with continuing robust client demand. The Company
will provide guidance for FY22 along with preliminary results for
the financial year to 31 July 2021 on 26 October 2021.
Responsible Business Milestone
As announced yesterday, Kin + Carta has passed a special
resolution, with 99.99% votes in favour, cast by shareholders
representing over 80% of Kin + Carta's total voting rights, to
amend its articles of association ("Articles") - a major step
forward in its commitment to achieve B Corp certification, not only
for its operating subsidiaries but also for Kin and Carta plc.
This move establishes Kin + Carta as a leader in ESG and
responsible business practices and takes it one step closer to
being the first B Corp certified company listed on the London Stock
Exchange. The Articles now commit the Board to a "triple bottom
line" approach to decision making, seeking to balance
considerations around people, profit and planet. This supports the
firm's ambition to achieve B Corp certification by the end of the
calendar year, which will be an external verification of its
organisational ethos and the values it proudly stands for that have
been part of its stated strategy and core operating principles for
several years.
Chairman John Kerr said, "I'm grateful to our shareholders for
their overwhelming support for our continuing commitment to
responsible business practices. The alterations to the Company's
articles and our journey towards full B Corp accreditation are
fully aligned with sustainable growth and stakeholder
interests."
CEO J Schwan said, "The responsible business values we operate
under, coupled with our B Corp ambitions, have been core to our
strategy for several years. Today's trading update demonstrates the
complementary nature of responsible business practices and strong
results which help drive long-term value creation."
Enquiries:
Kin + Carta
J Schwan CEO +44 (0) 20 7928
Chris Kutsor CFO 8844
Powerscourt
Elly Williamson / +44 (0)7970 246
Jane Glover 725
Numis Securities Limited
Nick Westlake / Matt +44 (0)20 7260
Lewis 1345
Peel Hunt LLP
Edward Knight / John +44 (0) 20 7418
Welch 8900
About Kin + Carta
Kin + Carta is a London Stock Exchange-listed global digital
transformation consultancy committed to working alongside clients
to build a world that works better for everyone.
Kin + Carta's 1,700 strategists, engineers, and creatives around
the world bring the connective power of technology, data, and
experience to the world's most influential companies - helping them
to accelerate their digital roadmap, rapidly innovate, modernise
their systems, enable their teams, and optimise for continued
growth. Headquartered in London and Chicago with offices across
three continents, the border-less model of service allows for the
best minds to be connected to collaborate on client challenges
across three platforms:
-- Digitally native management consultancy - Sector-focused
consultants help the C-Suite better understand the shifts in their
markets and how their data products, technology, and experiences
need to evolve.
-- Modern cloud, data, and software engineering studio - 800+
data scientists, software engineers, and designers utilise emerging
technologies to create new products and platforms for CIO
clients.
-- Data-driven marketing technology agency - MarTech, content,
and brand experts help our CMO clients amplify their digital
investments and experiences by implementing and optimising modern
marketing technology and data platforms.
With purpose at its core, Kin + Carta is a Certified B
Corporation in the United States and on the road to achieving
Certification for Europe in 2021, meeting the highest standards of
verified social and environmental performance, public transparency,
and accountability to balance the triple bottom line of people,
planet, and profit.
For more information, please visit https://www.kinandcarta.com
.
Important notices
Cautionary statement regarding forward-looking statements
This Announcement may contain "forward-looking statements" with
respect to certain of the Company's plans and its current goals and
expectations relating to its future financial condition,
performance, strategic initiatives, objectives and results.
Forward-looking statements sometimes use words such as "aim",
"anticipate", "target", "expect", "estimate", "intend", "plan",
"goal", "believe", "seek", "may", "could", "outlook" or other words
of similar meaning. By their nature, all forward-looking statements
involve risk and uncertainty because they are based on numerous
assumptions regarding the Company's present and future business
strategies, relate to future events and depend on circumstances
which are or may be beyond the control of the Company which could
cause actual results or trends to differ materially from those made
in or suggested by the forward-looking statements in this
Announcement, including, but not limited to, domestic and global
economic business conditions; market-related risks such as
fluctuations in interest rates; the policies and actions of
governmental and regulatory authorities; the effect of competition,
inflation and deflation; the effect of legislative, fiscal, tax and
regulatory developments in the jurisdictions in which the Company
and its respective affiliates operate; the effect of volatility in
the equity, capital and credit markets on profitability and ability
to access capital and credit; a decline in credit ratings of the
Company; the effect of operational and integration risks; an
unexpected decline in sales for the Company; inability to realise
anticipated synergies; any limitations of internal financial
reporting controls; and the loss of key personnel. Any
forward-looking statements made in this Announcement by or on
behalf of the Company speak only as of the date they are made. Save
as required by the Market Abuse Regulation, the Disclosure Guidance
and Transparency Rules, the Listing Rules or by law, the Company
undertakes no obligation to update these forward-looking statements
and will not publicly release any revisions it may make to these
forward-looking statements that may occur due to any change in its
expectations or to reflect events or circumstances after the date
of this Announcement.
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END
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