This morning Kinovo plc have announced the final results for the year ended 31 March 2021
Commenting on the results and prospects, David Bullen, Chief Executive Officer, said:
“Despite the challenges of Covid-19 and the disruption caused by multiple lockdowns, we delivered a resilient performance in 2021 as well as a major achievement in repositioning the business. We have now announced our re-brand, laying the foundations for Kinovo to accelerate its growth strategy. I am positive of the outlook for the Group and I look forward to capturing the vast amount of organic growth potential alongside strategic acquisition opportunities”.
“We sit at the centre of compliance and sustainability solutions with a complete focus on supporting our customers on their sustainability goals and the UK Government’s net-zero pledges. As a result, we have invested in the skillsets that will ensure we can serve our customers fully. Since March 21, we have secured a further £8 million in visible revenues, following contract wins including de-carbonisation funding works installing air source heat pumps and solar photovoltaic systems.”
“Fundamentally, we are a people business and I would like to take this opportunity to thank my colleagues for their determination and hard work over the last year. It is their commitment to the Group that has delivered these resilient results. We have a great opportunity ahead of us and I am optimistic for the long-term future of the business.”
Financial highlights
- Operating profit of £601,000 (2020: £2.3 million) on revenues of £60.2 million (2020: £65.4 million).
- Adjusted EBITDA1 of £3.0 million (2020: £4.7 million).
- Strong adjusted operating cash flow2 of £4.7 million (2020: £4.6 million).
- Net debt3 reduced by £4.5 million to £2.7 million (2020: £7.2 million).
- Basic earnings per share of 0.27 pence per share (2020: 2.93 pence per share) based on a profit after tax of £157,000 (2020: £1.4 million).
- Adjusted earnings per share4 was 3.91 pence per share (2020: 7.10 pence per share).
- Debt facilities restructured with HSBC including changing of covenants, providing a £7.3 million term loan facility and a £2.5 million overdraft facility to ensure maximum flexibility for the Group.
- Proposed reinstatement of dividend of 0.5 pence per share to reflect significant reduction in net debt, resilient underlying trading and confidence in outlook.
Operating highlights
- Completion of rebranding and repositioning of the Group to Kinovo around the three key strategic pillars of Regulation, Regeneration and Renewables.
- Investment in energy efficient solutions relating to the Microgeneration Certification Scheme.
- Investment in Business Development Team in H2 already gaining traction with both contract wins and inclusion onto SEC and Fusion 21 frameworks, alongside geographic diversification into the Midlands.
- Visible revenues 5 over the next three years of £170 million (2020: £172 million) including £8 million in visible revenues secured since the year end with a strong pipeline.
- Focus on our people accelerated with implementation of a wide range of HR initiatives including talent management and investment into key commercial and operational roles to continue driving operational excellence for growth.
- Investment into IT infrastructure including roll-out of software package to monitor and measure our social value contribution as a Group, which was calculated at over £1.15 million in the financial year.
For full RNS report please click here:
