Kin + Carta PLC, the digital transformation consultancy, nosedived 26% to 135p after issuing a profit warning due to macro headwinds experienced at the end of the first half.
“The company is reducing expectations for the year to reflect more cautionary client spending and elongated sales cycles seen across the industry,” a statement covering the six months to 31 January 2023 said.
For the current financial year ending 31 July 2023, the company expects net revenue growth of 8% to 12%, although organic net revenue at constant currency indicates a single-digit percentage decline.
"Despite macro headwinds tempering short-term growth across the industry, we remain focused on our long-term strategy that prioritises enterprise clients with high quality, resilient revenue, delivered with higher margin nearshore delivery,” said chief executive Kelly Manthey.