LONDON (ShareCast) - (Sharecast News) - 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.

"Revenues increased by 35% and adjusted EBITDA more than doubled, a direct result of the repositioning announced last year to focus on three key areas: regulation, regeneration and renewables.

"This streamlining of operations has allowed the underlying business to prioritise what it does best and flourish."

Bullen said that, coupled with the "significant investment" in people, the upskilling of employees and bringing in additional expertise, Kinovo was "well-positioned" to negotiate the current, "difficult" macroeconomic environment.

"A key challenge we faced this year was the fall-out from the disposal of DCB.

"We are confident that Kinovo undertook all necessary due diligence, with the deal being based on sound financial projections that, since completion, have not performed to our expectations

"The outstanding DCB projects are now under Kinovo's control and we are pleased that the cost to complete will be significantly lower than previously speculated externally, at around £4m plus costs, which will be fulfilled by Kinovo's current cash flow."

The disposal was a "key component" of streamlining operations, David Bullen explained, with the company "looking forward" to finalising the projects and focusing on the rest of the business, which he said was "excelling".

"We are pleased to have received continued support from our banking partner HSBC, with our facilities in the process of being completed.

"Kinovo is in a strong position moving into the 2023 financial year, with the revenue and EBITDA growth achieved last year continuing into the first quarter.

"We have complete confidence that the group will continue to grow and develop as we reap the rewards of the team's hard work and investment during the last two years."

At 1249 BST, shares in Kinovo were up 36.15% at 35.4p.

Reporting by Josh White at Sharecast.com.

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