Kinovo (KINO)

Sector:

Support

Index:

FTSE AIM All-Share

 41.00p
   
  • Change Today:
      0.000p
  • 52 Week High: 68.50
  • 52 Week Low: 36.50
  • Currency: UK Pounds
  • Shares Issued: 62.79m
  • Volume: 21,906
  • Market Cap: £25.74m

First half revenue, earnings fall at Bilby

By Josh White

Date: Friday 13 Nov 2020

LONDON (ShareCast) - (Sharecast News) - Gas heating, electrical and building services provider Bilby updated the market on its trading on Friday, reporting that despite the challenges of Covid-19, it delivered a "robust" performance in the six months ended 30 September.
The AIM-traded firm said it saw a drop in revenues during the first quarter, directly as a result of Covid-19, as employees could not safely access customer properties, and certain elements of planned works were deferred.

It said the nature of its services meant that the majority of the work was delayed, rather than cancelled, reflected by the 54% uptick in second quarter revenue over the first quarter.

As a result, Bilby said it expected to report revenues of £23.4m for the first half, down from £29.8m year-on-year, and an EBITDA, pre-IFRS 16 leases, of £1.5m, compared to £2.1m a year earlier, and in line with its expectations.

The board said that, following the "significant steps" the company took in the previous year to strengthen its balance sheet and improve its working capital position, it continued to focus on cash generation and its net debt position.

As a result, it was expecting to report a decrease of £2.3m in net debt to £4.9m as compared to 31 March.

Net cash at period end totalled £2.5m, providing headroom of £5m against the overdraft facility.

During the period, Bilby said it continued its efforts in driving further efficiencies and creating greater cohesion within the group, resulting in exceptional restructuring costs of £0.4m, delivering an annualised cost saving of more than £1m.

Elements of those cost savings were being reinvested to greater support future revenue generation, and had already generated a positive impact on the business, the board reported.

The directors said that, since the arrival of David Bullen as chief executive officer, Bilby had spent the majority of its time focused on essential restructuring and creating the required platform from which to drive sustainable, profitable growth.

To ensure that momentum continued, it said chief operating officer Lee Venables would preside over the operational board to continue to prioritise "delivering operational excellence", while Chris Webster would concentrate on his role as managing director of DCB Kent.

"During the period, dominated by Covid-19, Bilby has gone above and beyond to ensure customers continued to receive our critical services and to support the communities we operate," said CEO David Bullen.

"As a result, we delivered a resilient performance which is testimony to the tenacity and stability of our business and a credit to our hard-working, flexible colleagues across the group, who continued performing at high levels despite the challenging circumstances."

Bilby said it would publish its half-year results for the six months ended 30 September on 1 December.

At 1031 GMT, shares in Bilby were down 4.15% at 25.4p.

Email this article to a friend

or share it with one of these popular networks:


Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

Kinovo Market Data

Currency UK Pounds
Share Price 41.00p
Change Today 0.000p
% Change 0.00 %
52 Week High 68.50
52 Week Low 36.50
Volume 21,906
Shares Issued 62.79m
Market Cap £25.74m

Kinovo Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
5.69% above the market average5.69% above the market average5.69% above the market average5.69% above the market average5.69% above the market average
20.00% above the sector average20.00% above the sector average20.00% above the sector average20.00% above the sector average20.00% above the sector average
Price Trend
6.40% above the market average6.40% above the market average6.40% above the market average6.40% above the market average6.40% above the market average
4.95% below the sector average4.95% below the sector average4.95% below the sector average4.95% below the sector average4.95% below the sector average
Income Not Available
Growth
91.35% above the market average91.35% above the market average91.35% above the market average91.35% above the market average91.35% above the market average
86.00% above the sector average86.00% above the sector average86.00% above the sector average86.00% above the sector average86.00% above the sector average

What The Brokers Say

Strong Buy 1
Buy 0
Neutral 0
Sell 0
Strong Sell 0
Total 1
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Kinovo Dividends

  Latest Previous
  Final Interim
Ex-Div 19-Aug-21 20-Dec-18
Paid 22-Sep-21 31-Jan-19
Amount 0.50p 0.50p

Trades for 28-Mar-2024

Time Volume / Share Price
15:40 2 @ 42.00p
14:00 8,677 @ 41.20p
14:00 5,677 @ 41.20p
14:00 3,000 @ 41.20p
13:58 5,224 @ 41.40p

Kinovo Key Personnel

CEO David Bullen

Top of Page