Kinovo delivers 'strong growth' in H1

Property services group Kinovo said on Tuesday that it had delivered "strong growth" in revenues as Covid-19 restrictions eased in the six months ended 30 September.

Kinovo highlighted that comparative revenues for continuing operations during the period grew 64% to £23.8m and adjusted underlying earnings increased 75% to £1.8m, after the effect of a charge for lease payments.

Operating profits from continuing operations came to £1.2m, a marked improvement on the £200,000 loss posted at the same time a year earlier, while total post-tax profits hit £600,000 as earnings and cash generation from its continuing operations improved, despite market challenges stemming from supply chain inflation and material and labour availability.

Net debt fell from £2.7m on 31 March to £2.2m at 30 September.

The AIM-listed company also reinstated its final dividend during the half and paid £300,000, as well as deferred VAT payments totalling £600,000, strengthening its financial position further following the effects of the pandemic.

Separately, Kinovo announced that it was currently in advanced discussions regarding the planned sale of its DCB Kent Limited non-core construction business to allow it to "harmonise its operations".

However, Kinovo also noted that there was "no certainty" that the sale would proceed.

As of 1115 GMT, Kinovo shares were down 6.0% at 47.0p.