16th Nov 2021 12:32
(Alliance News) - Kinovo PLC on Tuesday said reported a rise in interim revenue, and and announced the planned sale of its construction division to focus on its core business.
The London-based specialist property services company said revenue in the six months to September 30 rose 64% to GBP23.8 million from GBP14.5 million a year before.
Adjusted earnings before interest, taxes, depreciation, and amortization increased 75% year-on-year to GBP1.8 million from GBP1.0 million.
Kinovo's posttax profit swung up to GBP600,000 from a loss of GBP200,000.
Net debt narrowed to GBP1.7 million from GBP4.9 million in the comparable period a year before.
The company declared that it reinstated its final dividend during the six month period and paid GBP300,000.
Going forward, the company will "initiate" the contracts it won in the first half of the financial year. The total potential value of these is around GBP43.6 million.
Furthermore, the company stated it is in "advanced discussions" to sell its construction division DCB Kent Ltd.
Kinovo is planning to dispose of the "non-core" construction business to increase the focus on its three strategic "regulation, regeneration and renewables" workflow pillars and "harmonise" its operations.
The company still noted that there can be no certainty that the sale will proceed.
"We are pleased with how the company has managed to deal with the significant issues posed by the pandemic, emerging in a strong position for growth, " Chief Executive David Bullen.
He added: "The potential sale of DCB will serve to strengthen our strategic footing and allow us to focus and build on our core business, centred around the non-discretionary arenas of compliance and regulatory work,"
Kinovo said it expects to release its interim results on December 7.
Shares were down 4.2% at 47.90 pence on Tuesday midday in London.
By Abby Amoakuh; [email protected]
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