(Alliance News) - Kinovo PLC said on Friday that its profit and revenue were up in a strong financial year.
In the year ended March 31, the London-based property services provider's pretax profit shot up 58% to GBP4.4 million from GBP2.8 million the previous year.
Revenue was up 18% to GBP62.7 million from GBP53.5 million.
Regulation contributed 56% of total revenues, down from 59% the prior year, whilst its Regeneration sector contributed 28%, up from 20% last year, and Renewables contributed 16%, down from 21%.
Adjusted earnings before interest, tax, depreciation and amortisation increased by 29% to GBP5.5 million from GBP4.2 million the year before.
The company swung to a net cash of GBP1.1 million, from a net debt of GBP300,000 the prior year.
"I am delighted to report a strong set of results in what has been a critical year of transition for Kinovo," said Chief Executive Officer David Bullen.
"We continue to reap the rewards of our strategic repositioning, focusing on three key areas of specialism: Regulation, Regeneration, and Renewables. This, as well as key investments made by the business, mean we are submitting for and winning higher value contracts over longer average durations."
The company did not recommend the payment of a final dividend for its financial year, unchanged from the prior year.
"It remains the board's priority to continue to professionally manage the completion of the outstanding discontinued operations projects, proactively manage the level of borrowings and strengthen the balance sheet," Kinovo said.
Kinovo said it was confident in continuing to deliver a strong performance going forward, and said it had a "robust pipeline" of opportunities in the short-term from direct contract wins and awards under framework agreements.
"We are confident that our strategy, business and underlying market drivers position the business well to achieve further growth on an organic basis," said CEO Bullen.
Shares in Kinovo were up 3.7% at 43.55 pence in London on Tuesday.
By Will Neill, Alliance News reporter
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Kinovo Plc (KINO)