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Kin and Carta investment hits full-year profit.

Byline: JAMES WARRINGTON @j_a_warrington

SHARES in Kin and Carta dropped almost 15 per cent yesterday after the digital transformation company warned on profits for the full year.

The London-headquartered firm said its pre-tax profit would be marginally lower than expectations after it upped its annual investment from PS2m to PS3m.

Kin and Carta, which rebranded from St Ives Group last year, said the funds were spent on geogra-phic expansion and building central sales, marketing and partnership functions.

Kin and Carta said it is also mulling acquisitions in new markets. "The work to reposition our strategy and communications pillars, as well as the increased level of investment in the connective growth platform will drive sustainable profitable growth in the new fiscal year," said chief executive J Schwan.

Kin and Carta forecast a doubledigit increase in net revenue for the full year, and expects to return to growth in 2020.

Shares closed at 81.2p.

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Publication:City AM (London, England)
Article Type:Financial report
Date:Aug 21, 2019
Words:155
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