Kinovo FY results seen ahead of prior expectations

24th May 2024 10:09

(Sharecast News) - Property services group Kinovo said on Friday that it had delivered a "strong performance", with full-year results now anticipated to be ahead of prior expectations.

Kinovo expects to report a full-year performance ahead of prior expectations, with profit continuing to grow during the year ended 31 March, with diversity in its mix of works and the "robustness" of its operational and cost efficiencies enabling gross profits for continuing operations to increase by 15% to £18.9m, underpinned by gross margins strengthening to 29.4% from 26.3%.

Underlying earnings rose by 23% to £6.7m, ahead of prior expectations of £6.2m, while adjusted pre-tax profits grew by 25% to £6.1m. Revenue grew to £64.1m from £62.7m, with the moderate increase reflecting a different revenue mix of projects contracted in the year.

Chief executive David Bullen said: "Our strategic repositioning to focus on the three pillars of regulation, regeneration and renewables works continues to yield results, and the investments we have made across the business, in our people and our capabilities, are generating strong returns.

"Underpinned by key regulatory and legislative drivers, we remain confident in our growth trajectory as we continue to deliver significant growth. We look forward to providing a further update at our results in July."

As of 1020 BST, Kinovo shares were up 6.49% to 59.10p.

Reporting by Iain Gilbert at Sharecast.com