(Alliance News) - Kin & Carta PLC on Tuesday said business had stabilised at the beginning of the new financial year.
In December, the London-based business software consultancy accepted a bid proposal from funds advised by BC Partners valuing the company at GBP239 million, or 130 pence per share.
This trumped a previously agreed approach from Apax Partners which valued Kin & Carta at 120p per share.
Updating on trading, the company said assuming there are no further material headwinds that would challenge Kin & Carta's smaller scale and client concentration, it expects net revenue growth in the first half of financial 2024 to be flat to marginally higher compared with the second half of financial 2023.
It then predicts sequential net revenue growth in the second half of financial 2024.
"The directors of Kin & Carta therefore expect flat to low single digit total net revenue growth in [financial 2024] compared with [financial 2023], which included a strong [first quarter] 2023 performance prior to the market downturn," the company said.
The firm's financial year runs to July 31.
Kin & Carta said a court meeting and general meeting to approve the scheme by which the bid by Valtech will be facilitated will take place on February 15.
Shares in Kin & Carta rose 0.3% to 133.40 pence in London on Tuesday.
By Jeremy Cutler, Alliance News reporter
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