Software company K3 Business Technology Group posts profit

Published by

Tom Kilkelly

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Milton Park-based software solutions company K3 Business Technology has posted reports of increased revenue and profit in its interim financial results.

The company posted revenues of £20.3 million, an increase of around 4 per cent on the £19.9 million posted in 2022.

Gross profit was £12.4 million this year, which is an increase on the £11.9 million posted last year and also means that gross margin was up a single per cent this year, going from 60 per cent in 2022 to 61 per cent.

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The company has said that its overall performance is ahead of management expectations and that its prospects look good with the firm's 'current trading and free cash flow'.

Marco Vergani, Chief Executive Officer of K3 Business Technology Group plc, said: "We made encouraging progress in key strategic areas of the business in the first half. We are especially pleased with the performance of our strategic products for the fashion and apparel market in the K3 Products division.

"Our healthy balance sheet underpins the improvements that we are making to the business. We remain focused on our high-margin growth opportunities, cost discipline and adjusted net cash as we continue to move to higher quality earnings."

Tom Kilkelly

Tom Kilkelly started working as a freelance journalist for The Business Magazine following his graduation from UCL in 2022. During his studies Tom became very interested in the works of Irish authors including Samuel Beckett and Flann O'Brien (Brian O'Nolan). His current role as a freelance business reporter is his first exposure to the world of business journalism. Working at TBM has given Tom the chance to really get to grips with the goings-on in the business hive that is the South East.