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Professional services firm K3 Capital upgraded said core adjusted earnings were expected to be 'significantly' ahead of market expectations following strong performances across all its divisions.
Revenues for the full year to 31 May 2021 was expected to be approximately £46.0 million and adjusted EBITDA - earnings before interest, tax, depreciation and amortisation, stated before acquisition related costs and share based payment charges - of not less than £14.25 million.
That was ahead market expectations of for revenue of £45.02 million and adjusted EBITDA of £13.27 million.
'The M&A division had a strong year with material organic growth delivering revenue and adjusted EBITDA* significantly ahead of expectations and delivering a high profit margin contribution,' the company said.
'Alongside the transformational acquisitions of Quantuma and randd and in line with the group's stated strategy, three complementary bolt-on acquisitions were also completed during the period and have all contributed to growth and provided further diversification of revenues.,' it added.