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(Alliance News) - Kinovo PLC on Monday said profit surged in its recent half-year, as it said it kept its three key pillars growing, namely Regulation, Regeneration and Renewables.
The London-based property services provider said that in the six months that ended on September 30, pretax profit jumped 59% to GBP1.7 million from GBP1.0 million. Revenue rose 25% to GBP29.8 million from GBP23.8 million, while cost of sales increased by 23% to GBP22.1 million from GBP17.9 million.
Kinovo said revenue in the Regeneration business climbed up 67% year-on-year, in Renewables by 20%, and in Regulation by 14%. It said it performed well despite facing challenges such as Russia's invasion of Ukraine, the cost of living crisis, lasting effects of Covid, and Brexit.
The company said the situation regarding its former construction division DCB (Kent) Ltd has been challenging after it went into administration, causing a post-tax loss on discontinued operations of GBP3.5 million, compared to a loss of GBP279,000 a year prior.
Due to Kinovo repaying the liabilities of the discontinued DCB construction project, the firm decided against paying a final dividend, compared to a 0.50 pence dividend a year prior.
Looking ahead, Kinovo said it is confident in achieving full-year revenue and adjusted earnings before interest, tax, depreciation and amortisation growth in line with expectations. Kinovo added that it is progressing with a "growing pipeline of contracts and a number of industry tailwinds to support our growth."
Meanwhile, Chair Sangita Shah will step down from the company board once it has found a successor.
Kinovo shares were 1.5% higher at 35.54 pence each in London on Monday morning.
By Tom Budszus; tombudszus@alliancenews.com
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