Kin + Carta Update Strikes Optimistic Note

Digital marketing services group Kin + Carta has issued a trading update for the financial year ended 31st July, slightly upgrading expectations from an update issued in July.

The firm, until two years ago known as St. Ives, includes a recently formed Advise unit which provides clients with data intelligence, strategy, and the engineering expertise necessary to build products, services and platforms; as well as MR firm Incite, whose CEO Matthew Froggatt recently added the newly-created role of Global Chief Strategy Officer for the group to his existing responsibilities.

Kin + Carta says the pandemic has 'reinforced the imperative for companies to not only address DX in their businesses but also accelerate it', resulting in a healthy level of new business for its transformation expertise - this includes 'new business opportunities returning and existing clients reopening larger projects'. Good financial news includes reduction of net debt from £39.5m at 31st January 2020 to £31.7m on 31st July; a year-end net debt to EBITDA ratio below 2 times; and a new agreement with Trustees of the legacy St Ives defined benefit pension scheme, aligning its cash contributions with its cash generation.

The group will review its 'non-strategic ventures' while building an M&A pipeline for inorganic growth: and has commenced this with the disposal on 31st August of airport and retail property consultancy Pragma. Preliminary results for the year ending 31st July are expected in November.

Web site: www.kinandcarta.com .