This report provided the Cabinet with a review of Kyndi’s performance, for Quarters 2 to 4 of the financial year 2022-23. It was accompanied by an update on the company’s achievements and financial performance prepared by the Chief Executive at Kyndi.
The report highlighted that, subject to final accounts, Kyndi’s year-end forecast for 2022-2023 was Revenue of £2,537,000 and Net Profit of £170,000.
It was noted that there was an ongoing criminal investigation in relation to Kyndi and that outcomes would be reported to the Audit Committee and to the Business Support Overview and Scrutiny Committee at the appropriate time.
The Cabinet noted the progress update on Kyndi’s trading performance from July 2022 (Quarter Two) to March 2023 (Quarter Four) for financial year 2022- 2023.
When Cabinet agreed to establish Kyndi (previously MCG) it was also agreed that regular monitoring reports would be provided to Cabinet.