Kinovo shares rise as expects annual profit to beat expectations

(Alliance News) - Kinovo PLC on Friday said it is benefiting from its strategic repositioning and ...

Alliance News 24 May, 2024 | 9:51AM
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(Alliance News) - Kinovo PLC on Friday said it is benefiting from its strategic repositioning and resulting growth strategy as it anticipates profit ahead of prior expectations.

The London-based provider of safety and regulatory compliance services for the property sector said annual profit for the financial year that ended March 31 will be higher than it previously anticipated.

Kinovo expects to report gross profit from continuing operations of GBP18.9 million, up 15% from GBP16.5 million in financial 2023. Gross margin is pencilled in at 29%, ticking up from 26% in financial 2023.

Shares were up 6.5% to 59.10 pence each on Friday morning in London.

Kinovo expects adjusted pretax profit of GBP6.1 million, up by a quarter from GBP4.9 million.

Revenue climbed 2.3% to GBP64.1 million from GBP62.7 million, driven by a different revenue mix of projects contracted.

Chief Executive Officer 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."

Kinovo will release its annual results on July 9.

By Tom Budszus, Alliance News slot editor

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Kinovo PLC 58.50 GBX -3.31 -

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