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K3 Capital profit falls 33% amid weakness in corporate finance division

By BFN News | 02:23 PM | Tuesday 17 September, 2019

Sales consultancy K3 Capital said its annual profit fell by a third, owing to a poorer performance at its corporate finance division. Pre-tax profit for the year through May slid to £4.9m, down from £7.3m on-year. Revenue fell 18% to £13.6m and the company cut its dividend by 33% to 7.6p per share. Ebitda of £5.0m met the top end of the company's recently-revised guidance of £4.5m-to-£5.0m. 'I am pleased to report a satisfactory year of trading at K3 Capital and continued growth in the volume brands within the group,' chairman Ian Mattioli said. 'The trading period has seen significant increases in these brands however, it has seen a significant reduction in corporate finance transactions completing within the period.' 'It is pleasing to report that the board has made significant progress in creating a more robust business model with a reduced reliance on larger mandates, and given the strong pipelines heading into the new financial year.' 'I remain confident of making further progress and delivering on expectations for the 2020 financial year.' At 2:23pm: (LON:K3C) K3 Capital Group Plc share price was -16.5p at 143.5p Story provided by

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