K3 Business Technology Group has announced that it anticipates its fiscal 2023 results to meet market expectations despite a decrease in demand and activity within global accounts.

In a statement released on Wednesday, the professional-services company revealed that its adjusted operating profit before amortization, exceptional costs, and share-based payment charges for the year ended November 30 is projected to at least match market expectations, although no specific figure was provided.

Moreover, K3 Business Technology Group expects its cash balances to reach £8.3 million ($10.6 million), surpassing market expectations.

The company attributes its strong profit and cash generation in the latter half of fiscal 2023 to the robust performance of software license and maintenance, with support contract renewals achieving around 98%, in line with previous years.

Furthermore, K3 Business Technology Group predicts a 25% growth in annualized recurring revenue on a constant currency basis driven by its flagship product, K3 Fashion.

"The board remains steadfast in its commitment to streamlining operations. The leadership and operational changes implemented during the final quarter of the financial year have allowed for enhanced cost discipline," stated the company.

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