solid full year19 Aug 2022 14:18
Property services provider Kinovo reported a 35% improvement in full-year revenue from continuing operations on Friday, to £53.3m.
The AIM-traded firm, formerly known as Bilby, said adjusted EBITDA from continuing operations was ahead 102% in the 12 months ended 31 March, to £4.2m, while underlying operating profit from continuing operations grew 95% to £4.1m.
It reported "strong" adjusted cash conversion from continuing operations of 223%, with £9.4m in cash generated, and its year-end cash balance rising to £2.5m from £1.3m a year earlier.
Net debt was "significantly" reduced by £2.4 million to £0.34m, while adjusted earnings per share almost doubled to 5.33p, from 2.76p in the 2021 financial period.
"While the last year has been challenging for Kinovo, we are delighted with the performance of the underlying business," said chief executive officer David Bullen.