Kinovo PLC - London-based gas heating, electrical and building services firm - Says the pandemic caused a sharp drop in pretax profit to GBP140,000 in the financial year ended March 31, from GBP1.7 million a year prior. Revenue down 8.0% to GBP60.2 million from GBP65.4 million. Notes adjusted earnings before interest, tax, depreciation and amortisation of GBP3.0 million in financial 2021, down from GBP4.7 million the year before. Reinstates payout with 0.5 pence per share final dividend to reflect its confidence in the future.
"In the three months to 30 June 2021 our performance has been in line with management expectations. We remain cautiously optimistic in our outlook as the Covid-19 restrictions unwind," the company says.
"We anticipate pent-up demand for our services and a strong pipeline of work to follow," it adds.
Current stock price: 35.50p, down 6.6% on Tuesday
Year-to-date change: up 42%
By Scarlett Butler; scarlettbutler@alliancenews.com
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Kinovo Plc (KINO)