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Kinovo PLC - London-based property services company focused on safety and regulatory compliance, land regeneration and energy efficiency - Shares fall as it loses out on the sale of its construction business DCB Kent Ltd. Pretax loss on the disposal amounts to GBP5.0 million due to delays in completing active projects.
Kinovo had to provide unanticipated working capital support of GBP3.7 million to DCB and expects this to increase in the short term.
"Whilst we have incurred a loss on the disposal of DCB, it streamlines our operations and allows us to focus on our core activities of compliance and regulatory work," says Chief Executive Officer David Bullen.
In its financial year ended March 31, the company increases revenue from continuing operations by 36% to GBP53.5 million from GBP39.4 million. Adjusted earnings before interest, tax, depreciation and amortisation doubled to GBP4.2 million from GBP2.1 million. Adjustment excludes charge for lease payments.
"Kinovo continues to focus on long-term partnerships and relationships, and currently over 90% of revenue can be attributed to recurring contracts," CEO Bullen adds.
Current stock price: 18.24 pence, down 46% on Friday
12-month change: down 53%
By Tom Budszus; tombudszus@alliancenews.com
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